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Shandong Gold shares jump on plan to buy rivals
By Hu Xiaocen |
June 4, 2012, Monday
|
Online Edition
Online Edition
THE A-shares of Shandong Gold Mining Co, China's second-biggest gold producer by market value, advanced the most in almost six weeks after the parent announced a plan to buy two local gold producers within a year.
Shandong Gold Group agreed to pay 3.75 billion yuan (US$590 million) for 98.5 percent of both Shandong Shengda Mining Co and Shandong Tiancheng Mining Co, a price lower than the 3.79 billion yuan pre-assessed value of the two companies, according to the gold miner's statement filed with the Shanghai Stocks Exchange last Friday.
The shares of the listed unit soared 5.7 percent, the most since April 25, to close at 36.31 yuan today. The stock has gained 27.9 percent so far this year compared with the Shanghai Composite Index's gain of 5 percent.
The unit also plans to invest an additional 200 million yuan in three mines for land reclamation, environmental protection and mining livelihood projects, it said.
Shandong Gold Group agreed to pay 3.75 billion yuan (US$590 million) for 98.5 percent of both Shandong Shengda Mining Co and Shandong Tiancheng Mining Co, a price lower than the 3.79 billion yuan pre-assessed value of the two companies, according to the gold miner's statement filed with the Shanghai Stocks Exchange last Friday.
The shares of the listed unit soared 5.7 percent, the most since April 25, to close at 36.31 yuan today. The stock has gained 27.9 percent so far this year compared with the Shanghai Composite Index's gain of 5 percent.
The unit also plans to invest an additional 200 million yuan in three mines for land reclamation, environmental protection and mining livelihood projects, it said.
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