2011-06-28 14:07

China Construction Bank's Inner Mongolia branch offered to sell the bank's 5.63 percent holdings of Baotou Iron and Steel (Baogang Group) for 715 million yuan ($110.4 million), Shanghai Securities News reported Tuesday.

The announcement represents the second time the bank has offered to sell its holdings of Baogang Group shares. The bank will not hold any Baogang Group shares after the transaction is completed.

Baogang Group shareholders will not give up pre-emptive rights, the newspaper reported.

China Construction Bank obtained the shares in 2000 through a debt-for-equity swap. The Inner Mongolia branch last offered to sell the shares in June, 2008.