New World Development rises most in 5 weeks on shareholder okay to sell NWS

CTF Services

03/11/2023 02:01

** Shares of New World Development (NWD)  017.HK  rise 3.1%
to HK$15.34, heading for the biggest one-day pct jump since Sept
29, if gains hold
    ** Stock hits the highest since Oct 10 on the third session
of gain; second biggest pct gainer in Hang Seng Property Index
 .HSNP  
    ** Shareholders of property developer NWD on Thursday
approved a deal to sell its lucrative construction subsidiary
NWS Holdings  0659.HK  to its major shareholder in a buyout deal
to help it cut debt
    ** Chow Tai Fook Enterprises, which holds about 45.2% of NWD
shares, offered in June to buy roughly 97% of NWS Holdings stock
    ** NWD has said it would pay a special dividend of HK$1.59
per share on completion of the deal
    ** Shares of NWS Holdings rise 1.3% to HK$9.42, highest
since March 2021  
    ** Hang Seng sub-index tracking property firms  .HSNP  rises
1.1%, Hang Seng Index  .HSI  adds 1.2%
    ** NWD stocks down 30.8% YTD, NWS Holdings up 39.3% YTD 

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