Magontec Limited (AU:MGL) has released an update.
Magontec Limited has entered into a Memorandum of Settlement with Qinghai Salt Lake Magnesium to buy back and cancel its shares, potentially increasing shareholder ownership by 39.8%. Despite challenges in the third quarter of 2024, including declining demand in key markets and reduced profitability, Magontec’s focus on strengthening its Mg alloy recycling operations positions it to compete effectively in Europe. The settlement is expected to enhance the company’s net tangible assets per share significantly.
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