By Colin Kellaher
Shares of China Natural Resources surged in premarket trading Monday after the company said it agreed to sell its Precise Space-Time Technology unit for about $13.2 million in cash.
The Hong Kong-based company said it is selling the unit, which owns a 51% stake in a company that provides equipment and services for rural wastewater treatment in China, to Feishang Group, China Natural's controlling shareholder.
China Natural, which will be engaged in the acquisition and exploitation of mining rights in Inner Mongolia after the sale, said it expects the deal will help the company streamline its resources and invest in growth opportunities.
China Natural shares, which closed Friday at $1.96, were recently up 55% to $3.03 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
