HK Stock Market Move | GT Gold (08299) rose by more than 31%, proposing to purchase all the shares of Changsheng United Investment for 585 million Hong Kong dollars to strengthen its mineral portfolio.

GT GOLD (08299) resumed trading this morning, with the highest intraday increase exceeding 31%. As of the time of writing, the stock has risen by 11.76% to 0.57 Hong Kong dollars, with a trading volume of 76.2721 million Hong Kong dollars. In terms of news, GT GOLD announced that on March 30th, the company entered into an agreement with the selling party, China Gold Capital Investment Holdings Limited, under which the company conditionally agreed to purchase and the selling party conditionally agreed to sell sale shares for a total consideration of 585 million Hong Kong dollars, partially settled in cash and partially settled through the issuance and distribution of consideration shares. The consideration shares will be issued and distributed through general mandate. The sale shares represent a shareholding equivalent to the entire issued share capital of the target company, Changsheng Joint Investment Limited. The target group holds exploration licenses and mining licenses related to gold mines and gold through project companies (Golden Mining and Better Life Commercial ChainShare Mining), and owns exploration, mining, and ore processing facilities. Upon completion, the company will hold the entire issued share capital of the target company, and the target company will become a direct wholly-owned subsidiary of the company. The board of directors believes that the acquisition will strengthen the group's mineral portfolio to support sustainable growth and potential profit for the group.