China Nonferrous Mining Corp (CNMC) said late on Monday its parent had agreed to sell its 74.52% stake in the company to the group’s engineering arm for 7.36-billion yuan ($1.06-billion) in a restructuring move. State-owned CNMC is selling its 2.6-billion shares to its 33.75%-owned subsidiary, China Nonferrous Metal Industry’s Foreign Engineering and Construction, known as NFC, according to a filing to the Hong Kong stock exchange, which did not provide a reason for the move.
