Shirble Department Store sinks to 10-week low, plans diversification

China Cultural Tourism and Agriculture

27/12/2018 02:39

** Shares of Shirble Department Store Holdings China Ltd
 0312.HK  plunge 26.8 pct to HK$1.39, their lowest since Oct.
19, after the department store operator diversifies into
property development and project management
    ** The stock is headed for its worst one-day decline since
listing in 2010 
    ** China-focused Shirble has agreed to buy 19 pct of
property development firm TFG International Group  0542.HK  for
HK$297 mln ($37.9 mln) as it explores opportunities in property
project management and development business  urn:newsml:reuters.com:*:nFWN1YQ0YF
    ** The department store operator will settle the deal by
internal cash resources 
    ** As of last close, Shirble stock had risen 235.8 pct so
far this year
    ** Shirble has outperformed the Hang Seng Commerce &
Industry Index sector  .HSNC  by 51.6 percentage points in the
past one month.
    ** Shares of property firm TFG soar 51.9 pct to the highest
since June 2015
    ** The Hong Kong Hang Seng sub-index tracking property firms
 .HSNP  gains 0.3 pct
    ($1 = 7.8278 Hong Kong dollars)

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