HK developer Carnival hits 12-week high on hope of new investor

Carnival International Holdings

24/01/2019 05:05

** Shares of Carnival Group International Holdings Ltd
 0996.HK  soar as much as 34.5 pct to HK$0.16, the highest since
Oct. 29, after the property developer says a China state-owned
enterprise may invest in the company
    ** The stock later trims gain to HK$0.142, still up 18.5 pct
    ** Co, with current market value of HK$3.35 bln ($427 mln),
says it has entered into an agreement with a third party
investor who intends to become an "important shareholder"
through equity investments in the company  urn:newsml:reuters.com:*:nFWN1ZN0AH
    ** Co does not identify the investor but says it is a large
state-owned enterprise with businesses in cities operation and
development, urban infrastructure investment, financing and
asset management
    ** Carnival Group has underperformed the Hang Seng Commerce
& Industry Index sector  .HSNC  by 9.6 percentage points in the
past one month
    ** The Hong Kong Hang Seng sub-index tracking property firms
 .HSNP  climbs 0.7 pct, and the benchmark index  .HSI  edges up
0.1 pct

($1 = 7.8462 Hong Kong dollars)

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