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China Rare Earth Nonferrous Metals to Dispose of Subsidiary for 142 Million Yuan

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China Rare Earth Nonferrous Metals (SHA:600259) plans to dispose of its 37% equity in its subsidiary, Guangdong East Electrochemical Guangsheng Rare Earth High-Tech Material, according to a Shanghai bourse filing on Friday.

The stake will be publicly listed for transfer with an initial listing price of 141.8 million yuan.

Guangdong East Electrochemical Guangsheng Rare Earth manufactures and sells NdFeB magnetic materials.

After the transaction, the rare earth products company will no longer hold any equity in the subsidiary.

The company's shares jumped 7% at the close.

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