China Natural Resources (NASDAQ:CHNR) stock is taking off on Monday after the mining company announced plans to sell Precise Space-Time Technology.
According to a press release, this will have China Natural Resources selling all of its outstanding shares of Precise Space-Time Technology to Feishang Group Limited. That also includes Precise Space-Time Technology’s outstanding payable to China Natural Resources.
The total value of the deal comes to about $13.2 million and there’s potential for it to increase based on net assets held by Precise Space-Time Technology. Investors will note that Precise Space-Time Technology holds a 51% equity interest in Shanghai Onway Environmental — a rural wastewater treatment company — through its subsidiaries.
Wong Wah On Edward, Chairman of China Natural Resources, said the following about the deal:
“The disposition of Shanghai Onway can help the Company streamline its resources and invest in opportunities that will help the Company grow.”
CHNR Stock Movement Today
Following news of the Precise Space-Time Technology deal, shares of CHNR stock are seeing heavy pre-market trading this morning. As of this writing, more than 800,000 shares have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 27,000 shares.
CHNR stock is up 45.2% as of Monday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
