HK-listed FIH Mobile rises most in near 4 months on India spinoff plan
22/12/2021 02:37
** Shares of handset maker FIH Mobile Ltd 2038.HK , a unit
of Apple supplier Foxconn 2317.TW , surge 6.7% to HK$1.27 in
their biggest daily percentage gain since Aug 24
** Stock on course for second session of gains;
fourth-biggest percentage gainer in Hang Seng subindex tracking
information technology firms .HSCIIT
** FIH proposes to spin off and separately list Indian
subsidiary Bharat FIH Ltd on the two main stock exchanges in
India, BSE Ltd BSEL.NS and National Stock Exchange of India
Ltd NSEI.NS in Mumbai urn:newsml:reuters.com:*:nFWN2T60XU
** Bharat FIH is the largest electronics manufacturing
services (EMS) provider in India by share of market revenue
** Meanwhile, Foxconn's plant near Chennai in southern India
will remain shut this week following protests sparked by a food
poisoning incident, government sources told Reuters urn:newsml:reuters.com:*:nL1N2T60AP
** FIH says it intends to use part of net proceeds from sale
of its existing equity shares in the unit to pay a special cash
dividend to shareholders
** Says proposed spin-off expected to be completed in 2022
** Hang Seng IT stocks .HSCIIT jumps 2.1%, while the tech
subindex .HSTECH rises 1.7%
** Hang Seng China Enterprises Index .HSCE climbs 1.1% and
the benchmark index .HSI gains 0.9%
** As of last close, FIH stock had surged 25.3% this year
(Reporting by Donny Kwok)
((donny.kwok@thomsonreuters.com))