Country Garden Services jumps most in 7 weeks on share buyback plan

Country Garden Services Holdings

19/11/2024 01:52

** Shares of Country Garden Services Holdings  6098.HK  jump
10.1% to HK$5.87, on track for biggest one-day pct gain since
Oct. 2
    ** Chinese property management group says it plans to
repurchase up to 334.3 mln shares, or 10% of the issued shares,
in the open market in a deal to be settled with available cash
reserve
    ** Co, which has a market value of $2.46 bln, says the
repurchase is to demonstrate its confidence in the firm's
long-term business prospects and to improve shareholders'
returns  
    ** The Hang Seng Mainland Properties Index  .HSMPI  climbs
1.1%, index tracking properties and construction stocks
 .HSCIPC  gains 0.9%, and the Hang Seng Seng Index  .HSI  adds
0.7%
    ** Stock down 11% YTD  
($1 = 7.7827 Hong Kong dollars)

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