HK's Legend Strategy hits 14-month high on Chinese firm's offer to buy remaining shares

Biosysen

26/07/2018 04:28

** Shares of Legend Strategy International Holdings Group Co
Ltd  1355.HK  soar as much as 72 pct to HK$1.60, their highest
since May 31, 2017
    ** Stock of the budget hotel operator surges after a Chinese
firm makes a general offer for company shares
    ** Company says Hehui International Development Ltd offers
to buy shares it does not already own at Legend Strategy for
HK$1.1152 a piece, or 19.91 pct premium to previous close,
valuing the company at HK$500 mln ($64 mln).  urn:newsml:reuters.com:*:nFWN1UL0UD
    ** Hehui intends to maintain the firm's listing on the main
board
    ** As of 0310 GMT, more than 19.9 mln Legend Strategy shares
change hands, compared with their 30-day moving average of
143,767 shares a day
    ** Hong Kong benchmark index  .HSI  falls up to 0.5 pct


($1 = 7.8460 Hong Kong dollars)

 (RM: donny.kwok.thomsonreuters.com@reuters.net)