Kinross Gold (TSX: K, NYSE: KGC) said on Tuesday it has sold its entire shareholding in Asante Gold (TSXV: ASE) at a discount, without providing reasons for the divestment.
According to an early warning report, Kinross sold approximately 36.93 million of Asante’s shares, representing 5.2% of those outstanding, at a price of C$1.80 per share. Asante opened the session at C$2.20 and later rose to a 52-week high of C$2.29, giving it a market capitalization of roughly C$1.6 billion ($1.2 billion).
Kinross had already sold 29.85 million shares of Asante at C$1.55 per share two weeks earlier. That represented 4.7% of Asante’s capital, and nearly half of Kinross’s entire holdings. At the time, the Canadian gold miner stated that the move was “part of the ordinary course of portfolio management.”
The two sales this month netted proceeds of C$73.1 million and C$46.3 million, respectively.
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