China Molybdenum Divests Subsidiary for RMB2.9 Billion

China Molybdenum Co (HK:3993) has released an update.

China Molybdenum Co. has entered into an agreement with CITIC Guoan Industry Group Co., Ltd. to sell a 65.1% stake in subsidiary Xinjiang Luomu for RMB2.9 billion, leading to Xinjiang Luomu’s financials no longer being consolidated with the company’s post-disposal. The deal, subject to shareholder approval, will take effect after the first payment installment and the completion of necessary industrial and commercial registration.

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