China's Dongyue Group hits 6-week peak on share buyback plan

Dongyue

24/10/2023 05:44

** Shares of China's Dongyue Group  0189.HK  jump as much as
19.7% to HK$6.39, their highest since Sept. 13
    ** Stock on track for biggest one-day pct rise since July
2021; biggest pct gainer in Hong Kong's material index  .HSCIM 
and Hang Seng Composite Index  .HSCI 
    ** Chemical engineering group says plans to buy back 520.98
mln shares or 23.12% of the issued share capital, for 3.46 bln
yuan ($473.84 mln)  urn:newsml:reuters.com:*:nFWN3BT182
    ** Co says it plans to buy back shares at HK$7.10 apiece,
representing 32.9% premium to the previous close of HK$5.34
    ** Co also plans to sell units stakes to major shareholder
for 3.46 bln yuan; proceeds to replenish cash used in buyback
    ** Hong Kong's material index  .HSCIM  gains 0.5%, while
Hang Seng Composite Index  .HSCI  slips 0.6%, Hang Seng Index
 .HSI  down 0.7%
    ** Stock down 27.1% YTD
    
($1 = 7.3020 Chinese yuan renminbi)

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