Zhongjin Gold’s shares go-ahead
Zhongjin Gold Corp, China’s leading gold miner, said the regulator had approved its private share placement proposal to buy assets for expansion.
The China Securities Regulatory Commission has approved its plan to sell up to 76.3 million yuan-denominated A shares to institutional investors, according to a statement filed to the Shanghai Stock Exchange yesterday.
Zhongjin Gold’s proposal to issue 53.7 million shares to its state parent China National Gold Group Corp was also approved, the Beijing-based company said.
The company’s 2007 net income increased more than 50 percent over the previous year on the back of soaring gold prices. The company reported a net income of 147.93 million yuan (US$20.6 million) in 2006.
Chinese mainland-listed companies have to issue preliminary announcements if they expect to report earnings swings of more than 50 percent.
Zhongjin Gold closed down 1.64 percent to 101.99 yuan yesterday as the Shanghai Composite Index fell by 1.21 percent.
Tags: china stock, gold