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2.6¢ gindalbie metals ltd

p.s. 000629 (Pan Steel) is traded in Shenzhen. It owns 35% of...

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gougou

12 Posts.

6

16/06/17

08:33

Post #: 25308492
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Originally posted by gougou ↑

000629攀钢钒钛 was suspended for 1 year since 5/5/2017 because the company was unprofitable for 3 years in a row. The majority of the losses were coming from the losses/write-offs from Karara and GBG.

Before 000629 was suspended, its stock price ran up about 20% due to speculation of a restructuring. Most likely the restructuring will involve spinning off Ansteel Hong Kong (35% owner of GBG) and Ansteel Australia (52% owner of Karara) in some way so that 000629 can become profitable and compliant with Shenzhen stock exchange.

In China, staying a public company is very important so I believe the restructuring will definitely happen. Whether this is good or bad for Karara/GBG would be a different story. I just hope this price decline was not due to some insider selling.

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p.s. 000629 (Pan Steel) is traded in Shenzhen. It owns 35% of GBG and 52% of Karara. Ansteel (state-owned) is the parent of 000629.

GBG Price at posting: 1.4¢ Sentiment: Hold Disclosure: Held
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