China Natural Resources (CHNR) Climbs on Disposition of Equity in Mark Faith
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China Natural Resources (Nasdaq: CHNR) announced that it completed the disposition of a 60% equity interest in Mark Faith Technology Development Limited ("Mark Faith") to Joysight Limited, for a purchase price of $21 million. Joysight was an owner of 40% of Mark Faith not owned by the company.
Mr. Li Feilie commented: "The profitable sale of our remaining interest in Mark Faith will not only strengthen our working capital but also enable us to concentrate our resources on the core coal and nonferrous metal mining businesses."
After opening flat, China Natural Resources shares jumped up 7.84% to $11.00 on the news at midday.
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