HK-listed Hans Energy jumps on deal to diversify into transportation

Hans group

27/05/2024 05:20

** Shares of logistic services group and petrochemical
products trader Hans Energy  0554.HK  jump 9.9% to HK$0.39
    ** Co said its unit has agreed to buy a 54.44% stake in
Bravo Transports, which operates Hong Kong bus franchise
Citybus, for HK$2.72 bln ($348.2 mln) to diversify its business
and enhance business scale and market share within adjacent
industries
        ** Hans Energy will use its expertise in petroleum
product trading and logistics to reduce Citybus' fuel costs,
while its "strategic development of the hydrogen industry"
aligns with Citybus's net-zero emissions goal, 
    SCMP reported
     citing Hans Energy CEO Yang Dong
  
        ** "This acquisition aims to vertically integrate the
energy supplier and key end-user," Yang added
  
    ** Hang Seng Composite Index tracking energy stocks  .HSCIE 
rises 2.5% and Hang Seng Index  .HSI  adds 0.3%
    ** Stock up 81.8% YTD


($1 = 7.8113 Hong Kong dollars)

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