20 January 2019

Private players hold chunk of China Molybdenum, Bloomberg says

China Molybdenum Co., the second-biggest producer of the steelmaking material in China, said a closely held Chinese investment company had displaced a government-backed company as its largest shareholder, Bloomberg reported Tuesday, citing the producer. Cathay Fortune Corp. holds 1.8 billion shares, or 36 percent, of the company, overtaking the 35 percent stake held by Luoyang Mining Group Co., China Molybdenum said. The change in control exemplifies how China is seeking to diversify ownership of state-owned companies, the report said.

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