HK's Giordano jumps most in nearly 24 years on major shareholder's cash offer

Giordano International

24/06/2022 02:57

** Shares of apparel retail chain operator Giordano
International Ltd  0709.HK  jump 22.6% to HK$1.95 in resumed
trade, the biggest intraday pct gain since November 1998
    ** Stock hits the highest since February 2020 and is the
biggest percentage gainer on the Hong Kong bourse
    ** Co says its major shareholder Chow Tai Fook (Holding) Ltd
makes a voluntary conditional cash offers for all outstanding
shares it does not already own in the firm at HK$1.88 each, or 
18.2% premium over its previous close of HK$1.59 on June 7 prior
to a trading halt  urn:newsml:reuters.com:*:nFWN2YA0DH
    ** Says Chow Tai Fook intends to maintain the listing of the
company on the stock exchange and does not not plan to exercise
any rights to compulsorily acquire all the shares
    ** Says Chow Tai Fook intends to continue with the company's
existing business but will review its structure and operation to
enhance and strengthen its business  
    ** Hang Seng Commerce & Industry Index  .HSNC  jumps 2.1%
and Hang Seng consumer goods and services index  .HSCGSI  up 2%
    ** Hang Seng Composite Index  .HSCI  climbs 1.5% and the
benchmark Hang Seng Index  .HSI  rises 1.6%
    ** As of last close, stock up 6.7% this year

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