Shagang Group to consider bringing in strategic investors to Global Switch

Chinese steelmaker Jiangsu Shagang Group has no plans to sell its entire stake in British-based data centre operator Global Switch but will consider bringing in international strategic investors to the company.

Jiangsu Shagang Group, the listed arm of Shagang Group, said in an announcement via an interactive platform run by the Shenzhen Stock Exchange on Wednesday, that the aim was to "optimise the latter's ownership structure."

"Besides being involved in the company's reorganisation, our controlling shareholder Shagang Group currently has no plans to sell (its) entire stake in Global Switch," the company said.

Global Switch did not immediately respond to a request for comment.

Bloomberg reported on Tuesday that Shagang Group is exploring options including a sale in Global Switch.

Jiangsu Shagang said in November that it aimed to buy a Suzhou investment company, which owns 51% in Global Switch to diversify its operational risks and increase profits.