Prosperity Minerals up 49% on divestment plans

Byswb

Updated Tue, 01 Dec 2009 00:00:00 GMT

Prosperity Minerals was in demand yesterday with its shares jumping 49 per cent to 97½p after announcing a deal to sell Upper Value Investments, which owns most of its Chinese cement manufacturing interests, for about 312m pounds - the equivalent of 232p a share.

The buyer is TCC International, a Hong Kong-listed company, incorporated in the Cayman Islands, that has a market value of only 350m pounds. The two companies expect to complete the deal by the end of the month.