CD International Enterprises Inc. (OTCQB:CDII) announced that it sold its 51 percent interest in CDI Beijing International Trading Company Ltd. for about $1.6 million. Now that the sale has gone through, the company will be able to shift its focus to its Chinese magnesium production and distribution operations.
As quoted in the press release:
We are pleased to complete the sale of CDI Beijing which will allow us to focus all of our operational efforts in China on our magnesium segment. We believe that magnesium production and distribution as a pure play in China will be a much more valuable asset to our company in the future as we look to solidify a leading position in this industry. We intend to continue on our geographic diversification plan by building our commodities distribution operationsSouth America and focusing our U.S. based efforts on corporate management and consulting. We believe that by effectively growing these clearly defined operations, we can maximize the value of our operations in a number of strategic ways for the benefit of our company and its stockholders.