HK-listed Lingbao Gold at 3-year high on plans to sell copper unit

Lingbao Gold

13/08/2018 05:04

** Shares of Lingbao Gold Group Co Ltd  3330.HK  surge as
much as 13.4 pct to HK$2.20 on Monday, the highest since June
29, 2015, on the company's plans to sell its copper unit 
    ** Gold miner and copper processor says it will sell its
copper foil producing unit Lingbao Wason Copper-Foil Co Ltd for
2.56 billion yuan ($372.2 million), and it will record a 1.82
billion yuan gain from the disposal (https://bit.ly/2B59d5R)
    ** Co says the disposal will reduce the company's debt scale
and gearing ratio, meet the capital needs of its existing
business and supplement working capital
    ** As of the previous close, the stock had risen 48.09
percent so far this year
    ** As of 0340 GMT, about 2.93 million shares of the
Henan-based company have been traded, compared with their 30-day
moving average of 302,930 shares a day
    ** Hong Kong's benchmark index  .HSI  falls 1.8 pct
   ($1 = 6.8778 Chinese yuan)

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)