Cosmopolitan jumps on collaboration with Saudi Arabia's investment ministry

Cosmopolitan International Holdings

22/12/2023 02:23

** Shares of Hong Kong property development and investment
group Cosmopolitan International Holdings Ltd  0120.HK  jump
20.4% to HK$3.07, their highest since Dec 7 
    ** Stock set for biggest one-day pct rise since Nov 27, if
current gains hold; up for a third consecutive session
    ** Stock biggest pct gainer in the Hang Seng Composite Index
 .HSCI  and in the Hong Kong index tracking properties and
construction stocks  .HSCIPC 
    ** Cosmopolitan and Regal Hotels  0078.HK  say in a joint
statement that they have entered into a memorandum of
understanding (MoU) with the Ministry of Investment of Saudi
Arabia (MISA) to jointly explore a strategic partnership in
hotel development and management
    ** Says MoU aims to establish a non-exclusive framework for
cooperation and collaboration between the parties to promote
tourism and hospitality projects in Mainland China, the Kingdom
of Saudi Arabia, and Hong Kong
    ** The partnership will leverage Regal's strength in
developing and operating hotel brands, Cosmopolitan's strength
in management of real estate and hotel development projects, and
MISA's expertise in connecting strategic investors in Saudi
Arabia
    ** Shares of Regal climb 0.4%
    ** The Hang Seng Composite Index climbs 0.2%, the Hang Seng
Index  .HSI  adds 0.3%
    

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))