Hong Kong Stocks Movement | MCC (01618) Opens Nearly 6% Lower on Plan to Sell Assets Worth 60.7 Billion Yuan

Stock News12-09

MCC (01618) opened nearly 6% lower in Hong Kong trading, with shares dropping 5.88% to HKD 2.24 by the time of reporting, on a turnover of HKD 17.05 million.

The decline follows an announcement on December 8 that the company plans to sell its 100% stake in MCC Real Estate and related creditor's rights to Minmetals Land Holdings. Additionally, MCC will divest its 100% holdings in Nonferrous Engineering Research Institute, MCC Tongxin Zinc & Copper, and Rui Mu Management, as well as a 67.02% stake in MCC Jinji, to China Minmetals Corporation. Its subsidiary, China Huaye, will also sell its 100% ownership in Huaye Duda to China Minmetals or a designated entity.

The total cash transaction is valued at approximately 60.7 billion yuan. MCC stated that the divestment of non-core assets aims to optimize resource allocation, streamline its business structure, and enhance competitiveness and profitability. Moving forward, the company will focus on core operations, including metallurgical engineering, nonferrous and mining engineering, high-end infrastructure, industrial construction, and emerging industries, to drive high-quality growth.

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