HK food retailer Best Mart 360 slides on discounted share sale

Best Mart 360 Holdings

28/03/2023 06:59

** Shares of Hong Kong leisure food retail chain operator
Best Mart 360 Holdings Ltd  2360.HK  fall as much as 17.7% to
HK$2.05, lowest since March 14
    ** Best Mart 360 says its major shareholders have agreed to
sell 49% stake to China Merchants Hoi Tung Trading Co Ltd for
HK$862.4 mln ($109.86 mln)  
    ** The shareholders will sell 490 mln shares to the unit of
China's state-owned China Merchants Group Ltd at HK$1.76 apiece,
or at 29.3% discount to Monday's close of HK$2.49 each
    ** The deal will put an obligation on China Merchants Hoi
Tung to make a mandatory general offer for the company's shares 
    ** The Hang Seng Commerce & Industry Index  .HSNC  climbs
0.5% and the Hang Seng Consumption Index  .HSCGSI  gains 0.2%
    ** The Hang Seng Composite Index  .HSCI  rises 0.8% and the
Hang Seng Index  .HSI  adds 0.7%
    ** As of last close, the stock of Best Mart 360 has risen
17.5% this year


($1 = 7.8497 Hong Kong dollars)

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