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Magontec Limited ( (AU:MGL) ) just unveiled an announcement.
Magontec Limited’s recent AGM highlighted a significant shift in its shareholder structure following the buyback and cancellation of shares held by Qinghai Salt Lake Magnesium Co Ltd, reducing shares by 28.5% and increasing ownership for remaining shareholders by 40%. This strategic move allows the company to focus on future business activities, despite a slight decline in gross profit for the first quarter of 2025 compared to the previous year.
More about Magontec Limited
Magontec Limited operates in the electronic and magnesium anode industries, focusing on providing anode products. The company is involved in markets that have shown recent improvements and are gaining momentum.
Average Trading Volume: 7,777
Technical Sentiment Signal: Sell
Current Market Cap: A$12.25M
Learn more about MGL stock on TipRanks’ Stock Analysis page.