Global Switch: Jiangsu Shagang shareholders vote in favour of share reorganisation

Global Switch: Jiangsu Shagang shareholders vote in favour of share reorganisation

Release date: 01.02.2021

LONDON, 1 February 2021, Global Switch (“Global Switch” or “the Company”), the leading owner, operator and developer of large-scale network dense, carrier and cloud neutral multi-tenanted data centres in Europe and Asia-Pacific, announces today that following its statement released on 24 November 2020, Jiangsu Shagang Co., Ltd (“JS Co.”), has advised the Company that it has held its shareholders’ meeting and received all required votes in favour of the proposals put to that meeting in connection with the reorganisation of the shareholdings in Global Switch.

The reorganisation transaction, known as a Material Asset Restructuring, is targeted to complete in H1 2021 and is now subject to the receipt of customary regulatory approvals. Upon completion of the proposed reorganisation the Company’s 51% direct shareholder, Elegant Jubilee Limited, would become a wholly owned indirect subsidiary of JS Co., a Shenzhen Stock Exchange quoted (stock code 002075.SZ) subsidiary of Jiangsu Shagang Group Co., Ltd (“Shagang”). Shagang, a member of the Fortune Global 500 list of the world’s biggest companies, will remain the Company’s controlling shareholder.

Further announcements as regards the completion of the transaction will be made in due course, as and when appropriate.

Contact details:

Jenny Davey
+44 20 7251 3801

Ali Ballantine
Group Director, Marketing & Communications
Global Switch
Tel: +44 20 8054 9053

Notes to editors:

About Global Switch
Global Switch is the leading owner, operator and developer of large-scale, carrier and cloud neutral, multi-customer data centres in Europe and Asia-Pacific. Founded in 1998, Global Switch has a proven business model, demonstrable track record and is one of the highest credit rated data centre companies in the world with investment grade credit ratings from Fitch Ratings, Moody’s and S&P Global Ratings.

Global Switch is a vital strategic partner for customers that require secure and resilient data centre services with scalable capacity and a high-level of customer service. The Company's focus is on highly resilient, central, low latency, network dense locations in prime city centre locations and internet hubs close to its customers on the edge of financial and business districts. Global Switch’s data centres operate exclusively in the Tier I markets of Europe and Asia-Pacific to Tier III or higher and currently total around 390,000 sq m (4,200,000 sq ft) of floor space and are occupied by a broad range of customers, global and national, large and small including government organisations, financial institutions, enterprises, global systems integrators, telecommunication carriers, cloud and managed service providers and other hosting businesses.

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About Shagang Group
Jiangsu Shagang Group Co., Ltd is a company established in the People’s Republic of China (PRC), has been a Fortune Global 500 company since 2009 and was ranked 351 in 2020. The Company currently possesses total assets of RMB290 billion (£33 billion) and has more than 40,000 employees.

The Company is the largest private steel maker in the PRC engaged in the manufacturing and sale of steel products. Its main products include heavy-wide plate, hot strip, cold strip, wire rod, coiled bar, ribbed bar and special bar quality steel, and it offers over 150 series with 14,000 varieties and 6,000 specifications. With iron and steel manufacturing as its main business, Shagang Group produced 33.3 million tons of iron, 41.1 million tons of steel and 40.5 million tons of rolled products in 2019.

Shagang Group has also expanded into non-steel businesses including resources and energy, trade logistics, finance, investments and data centres. Amongst its resources business interests, Shagang Group holds a 46.68% stake in Grange Resources Limited, an ASX listed iron ore producer in Australia. Shagang Group serves both domestic and international markets covering Asia, Europe, American, Oceania, Africa and more than 90 countries and regions.

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