Yunnan Tin Rises on Plan to Pay Special Dividend: Shenzhen Mover
Yunnan Tin Co. (000960), the world’s largest producer of the metal, is poised for the biggest gain in three months in Shenzhen trading after announcing a special dividend following a surge in profit.
The stock gained as much as 5.1 percent to 22 yuan, heading for the biggest gain since March 19. The company ended the morning session 4.6 percent higher at 21.82 yuan, beating the 0.6 percent gain in the benchmark Shanghai Composite Index.
Yunnan Tin will pay 1.30 yuan for every 10 shares held to shareholders registered on June 21, the company said yesterday in an exchange filing. The company is making the payment after profit surged 92 percent to 703 million yuan ($111 million) last year as tin prices rose and it increased sales of lead.
Tin prices on the London Metal Exchange averaged about $25,996 a metric ton last year, up 27 percent from the year before.
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