China Aoyuan surges after introducing Middle East firm as investor

China Aoyuan

23/09/2024 03:42

** Shares of Chinese property developer Aoyuan  3883.HK 
jump around 80% to HK$0.215, after surging as much as 148% in
early trade 
    ** Aoyuan stock is the second-biggest gainer on the Hong
Kong Stock Exchange 
    ** Aoyuan introduces Multi Gold Group Limited as strategic
investor, which will hold a 16.48% interest in the company and
become the single-largest shareholder
    ** Multi Gold is solely owned by Mohamed Obaid Ghulam
Badakkan Alobeidli, 45, and a graduate from the United Arab
Emirates University
    ** Alobeidli is appointed as chairman of the board, with a
one-year term contract and renewable automatically
    ** Founder Guo Zi Wen will have 16.38% interests in the
company after the share transfer, and become a non-executive
director
    ** Aoyuan says it expects Alobeidli will introduce potential
investors in the future and bring more development opportunities
to the company
    ** Aoyuan, defaulted on its offshore bonds in early 2022,
has been undergoing an offshore debt restructuring since


 (Reporting by Clare Jim)
 ((Clare.jim@tr.com))