I don't understand why their 3 mines in China have yet to make any contribution in revenue.
The recent quarterly results talk about trading -- that's their core buziness but what happened to the talk about vertical intergration by buying stakes in coking coal mines?
Long time no talk about Abterra. It suffered a sharp selldown to 56 cents last week, like a bungee jump. And it recoiled upwards to safety when the insiders stepped in to buy. BT had an article today:
Abterra Ltd
Executive chairman of the board Cai Sui Xin recorded his first on-market trades in iron and steel products supplier Abterra Ltd since May 2011 with 509,000 shares purchased from March 20 to 21 at 59 cents each.
The trades increased his deemed holdings to 81.076 million shares or 33.06 per cent (registered holder is General Nice Resources (Hong Kong) Ltd). The acquisitions were made on the back of the 24 per cent drop in the share price since the second half of January from 78 cents.
The counter is also sharply down since June 2011 from $1.15. He previously acquired 249,000 shares in May 2011 at $1.04 each.
Prior to his purchases since 2011, the chairman bought 2.16 million shares in October 2010 at an average of $1.25 each, 2.01 million shares in March 2010 at an average of $1.32 each and 819,000 shares from June to September 2009 at an average of $1.37 each. The counter closed at 60 cents on Friday.
NextInsight
a hub for serious investors
