Asia Cement sinks as parent offers to take it private at discount

Asia Cement

06/06/2024 03:11

** Shares of Asia Cement (China) Holdings  0743.HK  fall
13.3% to HK$2.88 in resumed trade, on track for the biggest
one-day pct drop since Sept 2011
    ** Trading in stock had been halted on May 28
    ** Stock top pct loser on Hong Kong properties and
construction index  .HSCIPC  and Hang Seng Composite Index
 .HSCI , which are up 0.9% and 1.3% respectively
    ** Co's majority owner Asia Cement Corp  1102.TW  has
offered to take it private, valuing it at HK$5.05 bln ($646.8
mln)
    ** Asia Cement Corp offers HK$3.22 for each Asia Cement
(China) share it does not already own, a 3% discount to the
stock's May 28 last traded price
    ** Stock of Asia Cement Corp falls as much as 2.3% to
T$40.25, lowest since March 13
    ** Stock of Hong Kong-listed firm up 22.1% YTD

($1 = 7.8083 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))