Gulf Resources to buy crude salt fields; stock gains
03/07/2024 15:19
** Shares of China-based specialty chemicals maker Gulf
Resources GURE.O up 12.5% at $1.35
** Company says its unit will acquire crude salt fields for
an aggregate 280,762,000 yuan ($38.62 million) to help supply
its upcoming bromine factories
** Says 80% of the transaction will be in cash and rest
through stock
** GURE estimates that it will take 6-9 months to prepare
for the opening of the two factories
** Company will build out the salt pans and drill new wells
with production expected to begin in the first half of 2025
** Including session's gains, stock down ~20% YTD
($1 = 7.2704 Chinese yuan renminbi)
(Reporting by Sourasis Bose in Bengaluru)
((Sourasis.bose@thomsonreuters.com))