HK's AGTech rises, to team up with Ant Financial on Macau JV

AGTech Holdings

04/09/2018 03:15

** Shares of Alibaba-backed AGTech Holdings Ltd  8279.HK 
rise 6.2 pct to HK$0.69, the highest since Aug. 6, after the
lottery and mobile games services provider says to team up with
major shareholder Ant Financial to set up a banking joint
venture in Macau
    ** Co says its 30 pct-owned Star N Cloud will team up with
Ant Financial's Alipay to set up a 33.3 pct-owned banking joint
venture in Macau  urn:newsml:reuters.com:*:nFWN1VP0B6
    ** Co says the initial share capital of the joint venture
shall be about HK$97 million ($12.4 million)
    ** AGTech is controlled by Ali Fortune, a firm 60 pct owned
by Alibaba Group Holding Ltd  BABA.N  and 40 pct by Ant Small
and Micro Financial Services Group Co Ltd (Ant Financial)
    ** As of the previous close, the stock has fallen 46.28
percent so far this year
    ** Hong Kong benchmark index  .HSI  eases 0.2 pct
    ($1 = 7.8487 Hong Kong dollars)

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)