Chinese conglomerate Fosun International said on Wednesday three of its units will sell a combined 60% stake in Nanjing Nangang Iron & Steel United for up to 16 billion yuan ($2.21 billion) to steel manufacturer Jiangsu Shagang Group.
Earlier this year, Fosun also agreed to sell its 4.89% stake in Tsingtao Brewery Co Ltd and is reducing its stake in Fosun Tourism too.
The remaining 40% stake in Nanjing Nangang Iron & Steel United is held by Nanjing Iron & Steel Group.
Shares of Fosun were halted on Oct. 17 and the company has applied to resume trading on Oct. 20.