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Lingbao Gold to sell copper foil unit for 2.56B yuan

Lingbao Gold Group Co. Ltd. said Aug. 12 that it agreed to sell its Lingbao Wason Copper-Foil Co. Ltd. unit to Shenzhen Londian Electrics Co. Ltd. for 2.56 billion Chinese yuan.

The transaction, subject to shareholder approval, will reduce the company's debt scale and gearing ratio, meet its existing capital needs and supplement its working capital. Lingbao Gold will focus on the strategic expansion of its gold business.

Upon completion, Lingbao Gold will record a pretax gain of approximately 1.82 billion yuan. The subsidiary primarily makes and sells copper foil and flexible copper-clad laminate.

As of Aug. 10, US$1 was equivalent to 6.85 Chinese yuan.