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Zibao Metals in talks to sell trading subsidiary
12th Dec 2019 14:34
(Sharecast News) - Zibao Metals Recycling Holdings noted the surge in its share price on Thursday and said it is in talks to sell off its trading subsidiary, Masterpiece Enterprises, for a consideration "at or around book value" in the group's accounts.
The company, which said in September that its future viability in its current form was "under review", said the discussions were ongoing but no definitive agreement has been reached. It added that there can be no guarantee the disposal will occur and that any disposal agreed would require shareholder approval.
"Should this disposal be approved, the company would also seek to raise some new equity through a placing of new shares," Zibao said.
At 1445 GMT, the shares were up 180% at 0.56p.
The company, which said in September that its future viability in its current form was "under review", said the discussions were ongoing but no definitive agreement has been reached. It added that there can be no guarantee the disposal will occur and that any disposal agreed would require shareholder approval.
"Should this disposal be approved, the company would also seek to raise some new equity through a placing of new shares," Zibao said.
At 1445 GMT, the shares were up 180% at 0.56p.