July 7 -- China Garments (000902) filed it has suspended its plan to purchase 70 tons of gold from Longchuan Gold Mine Company’s mines in Guangxi and Shandong provinces as part of an asset restructuring, reports the National Business Daily. The company says the purchase plan was canceled due to the difficulty of estimating the mining firm’s resource volume before its deadline.

Longchuan Gold Mine was founded in 2006 and has gold mines covering a total area of 1.26 square kilometers.

Just before the asset reconstructing announcement, China Garments’ third-largest shareholder, China Great Wall Aset Management Corporation, sold 2.76 million shares or a 1.07-percent stake in the company, while its second-largest shareholder, Shenzhen Xiquan Fandong Investment, sold 13.02 million shares, a 5.05-percent stake in the company.

Source:CapitalVue