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UPDATE: Longwei Petroleum Investment Holding to Complete Huajie Purchase by Month-End; Up 28%, Earlier Went Near Yr Highs

Shares of China's Longwei Petroleum Investment Holding ( LPH ) have jumped 28% to $1.55 in afternoon trading after reaching as high as $1.65 in earlier trading. They are getting closer to year highs

The company said it will complete the purchase of the assets of Huajie Petroleum Co., a fuel storage depot in northern Shanxi Province, by the end of this month. LPH will acquire the assets of Huajie for a total purchase price of approximately $110.6 million.

LPH trades within a 52-week range of $0.82 - $1.83.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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