HK-listed retailer C.banner falls after House of Fraser stake buy nixed

C banner International Holdings

09/08/2018 03:57

** Stock of C.banner International Holdings Ltd  1028.HK 
falls as much as 6.3 pct to HK$0.59, after the fashion footwear
maker and retailer terminates deal to rescue a British retailer
    ** Co says it has agreed to terminate a deal to buy a 51 pct
equity interest in House of Fraser Group Ltd with immediate
effect  urn:newsml:reuters.com:*:nFWN1UZ0PI
    ** The rescue deal for the struggling British department
store has been thrown into doubt after C.banner, which had
agreed in May to buy the stake in House of Fraser, cancelled a
planned share placing that would have funded the deal and
announced a profit warning  urn:newsml:reuters.com:*:nL5N1US6OB 
    ** As of the previous close, the stock had fallen 75.95
percent so far this year
    ** C.banner has underperformed the Hang Seng Commerce &
Industry Index sector  .HSNC  by 66.0 percentage points in the
past one month
    ** As of 0233 GMT, about 3.65 million shares of the
Jiangsu-based company have been traded, compared with their
30-day moving average of 34.63 million shares a day
    ** Hong Kong benchmark index  .HSI  rises 0.6 pct

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