Local conglomerate E United Group (義聯集團) has teamed up with Chinese steelmaker Anshan Iron and Steel Group Co (Ansteel, 鞍鋼) for future business expansion in a wide range of industries outside of the steel sector.
E United, which is involved in steel, property development, education, medical care, and hotel and shopping mall management, said that both firms are set to begin cooperation in many sectors to further diversify their businesses.
The mutual cooperation is expected to cover the establishment of universities, hospitals and hotels, while the two groups aim to target the leisure sector, as well as the creative culture and entertainment industries.
E United said that Ansteel, which is also engaged in medical care in China, plans to send a delegation to Taiwan next month to gain a better understanding of its partner’s businesses and to seek assistance to improve its hospital management.
E United is eyeing the broad business connections Ansteel has built up in the huge China market, hoping to take advantage of the Chinese firm’s presence to extend its reach there.
The two sides are scheduled to sign a framework agreement by the end of this year.
On Friday, the two companies inked an agreement in China’s Liaoning Province, in which the Taiwanese firm plans to sell a stake in one of its subsidiaries in China to Ansteel.
Ansteel is scheduled to take a 60 percent stake in Guangzhou-based Lianzhong Guangzhou Stainless Steel Corp (廣州聯眾不銹鋼廠) of E United by purchasing new shares issued by the subsidiary.
Lianzhong, set up in 2002, had spent 11 billion yuan (US$1.80 billion) in fixed capital investments as of the end of last year.
The company has built competitive production lines, making it one of the leading stainless steel mills in the southern China region.
After the investment, Ansteel plans to take four seats on Lianzhong’s board of directors, and E United is set to take the remaining three seats on the board.
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