Malaysia Smelting Corporation said it will sell its 30% stake in the Rapu Rapu poly-metallic project in Philippines which it bought in April last year. This is another non-tin asset that MSC is planning to sell apart from the recent proposed divestment of a 22% stake in Australia’s gold mining company Beaconsfield Gold NL.
MSC told Bursa Malaysia the sale is in line with the company’s focus to reduce cost and debt, the Business Times reported. "The company has also decided not to proceed with the proposed bonus and rights issues in view of its decision to divest some of the group’s non-tin assets," it said.
