Prosperity Minerals to dispose of its stake in TCC Liaoning, China

Prosperity Minerals to dispose of its stake in TCC Liaoning, China
Published: 08 February 2013


Prosperity Minerals has signed a conditional sale and purchase agreement with TCC International Holdings Ltd to sell its 16.11 per cent interest in TCC Liaoning for CNY144.5m  (approximately US$23m).
 
The company said in a statement that the completion of the disposal is subject to TCC International obtaining the necessary approvals from the Taiwan Investment Commission and its compliance with the listing requirements in Taiwan and Hong Kong
 
Prosperity acquired its interest in TCC Liaoning in September 2010 for CNY100m and its disposal will generate a profit before tax of CNY44.5m (approximately US$ 7.1m).

TCC Liaoning has a 2Mta cement facility located near Dengta City, Liaoning Province, northern China. n the fiscal year ended 31 March 2012, TCC Liaoning reported an attributable profit of US$2.1m.