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Article: NINGBO SHANSHAN TO BUY 24.92% OF SONGJIANG COPPER
- Article from:
- AsiaInfo Services
- Article date:
- July 22, 2008
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AsiaInfo Services
07-22-2008
Ningbo Shanshan to Buy 24.92% of Songjiang Copper
NINGBO, Jul 22, 2008 (SinoCast via COMTEX) -- Ningbo Shanshan Co., Ltd. (SHSE: 600884) plans to buy a 24.92% stake in Harbin Songjiang Copper Industry Co., Ltd. in cash from Shanshan Investment Holding Co., Ltd., in line with a letter of intent singed on July 18, 2008.
Price of the stakes has not been fixed by far.
Based in Northeast China's Harbin City, the target company is engaged in exploiting and processing molybdenum, copper and zinc, and its molybdenum operation contributed to most of its profits. It gained operating revenue of about CNY 900 million and net profits of around CNY 400 million in 2007, rising ...