China’s state-owned Minmetals Development Co., Ltd (Minmetals Development), a subsidiary of China Minmetals Corporation (CMC), has announced that it has agreed to transfer 50.3958 percent of equity in Minmetals Yingkou Medium Plate Co., Ltd (Minmetals Yingkou Medium Plate) to CMC for a price of just RMB 1 ($0.15).
In the first three quarters of the current year, Minmetals Development achieved an operating revenue of RMB 53.165 billion ($8.22 billion), down 51.54 percent year on year, with a net loss of RMB 921 million ($142.35 million), compared to a net profit of RMB 177 million in the same period last year. Meanwhile, in the given period Minmetals Yingkou Medium Plate registered a net loss of RMB 3.345 billion ($0.52 billion).