FINWIRES · TerminalLIVE
FINWIRES

EQ Resources Abandons Tungsten Metals Group Acquisition After Review, Shares Fall 9%

By

EQ Resources (ASX:EQR) said it will not proceed with the proposed acquisition of Tungsten Metals Group and its subsidiaries after a review of strategic priorities, according to a Friday Australian bourse filing.

EQ Resources' board determined that proceeding with the acquisition was not in the best interests of shareholders at this time, Managing Director Craig Bradshaw said.

The firm plans to focus on increasing tungsten concentrate production from the Mt Carbine operation in Queensland and the Barruecopardo mine in Spain, as well as expanding its resource and reserve base through planned drilling programs.

Its shares fell 9% in recent trading on Friday.

Related Articles

Asia

Joinn Laboratories' Profit Surges 480% in Q1

Joinn Laboratories (HKG:6127, SHA:603127) posted net profit attributable to shareholders of 238.4 million yuan for the first quarter, up 480% from 41.1 million yuan a year earlier, according to a Wednesday Hong Kong bourse filing.Hong Kong-listed shares of the drug research firm were down over 6% in Thursday's late-morning trade.Earnings per share came in at 0.32 yuan, up from 0.05 yuan a year earlier.Revenue increased 10% to 316.1 million yuan from 287.3 million yuan in the prior-year period.

HKG:6127SHA:603127
Asia

Ganfeng Lithium Turns to Q1 Profit as Revenue Jumps 144%

Ganfeng Lithium (SHE:002460, HKG:1772) posted first-quarter attributable net profit of 1.84 billion yuan, compared with loss of 355.8 million yuan the previous year.Earnings per share stood at 0.88 yuan, versus loss per share of 0.18 yuan last year, according to a Thursday filing with the Shenzhen bourse.Operating revenue jumped 144% year over year to 9.20 billion yuan from 3.77 billion yuan.Shares of the lithium miner were up 2% in recent trade on the Shenzhen bourse and 1% on the Hong Kong bourse.

HKG:1772SHE:002460
Asia

Yihai Kerry Arawana Q1 Profit Up 51%, Revenue Rises 11%

Yihai Kerry Arawana (SHE:300999) posted first-quarter attributable net profit of 1.48 billion yuan, up 51% from 981.4 million yuan the previous year.Earnings per share rose to 0.27 yuan from 0.18 yuan, according to a Thursday filing with the Shenzhen bourse.Operating revenue climbed 11% year over year to 65.5 billion yuan from 59.1 billion yuan.Shares of the food products company were up 2% in recent trade.

SHE:300999