New Times (HKG:0166) said it agreed to sell a 49% stake in AC Precious Metals Refinery, as well as certain loans owed by the business, for HK$13.3 million, according to a Hong Kong bourse filing Thursday.
Shares of the non-ferrous metals and petroleum refiner fell 4% in recent Friday trade.
The company will offload the stake to Samore, an entity nominated by Cheung's Gold Traders which had previously granted New Times a put option to obligate it to acquire a stake in AC Precious Metals.
New Times said it will retain 51% of the business following the sale.
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