Harbin Electric hits 15-mth high, parent offers to buy shares at premium

Harbin Electric

27/12/2018 01:37

** Shares of Harbin Electric Co Ltd  1133.HK  jump 62.4 pct
to HK$4.06, their highest since Sept. 2017, as controlling
shareholder offers to buy all of the company's H shares at
premium
    ** Stock resumed trade on Thursday and is headed for its
best one-day rise since its listing in 1994
    ** Power equipment maker says Chinese state-owned Harbin
Electric Corp (HEG), which holds 60.41 pct of the company,
offers to buy all outstanding H shares it does not already own
for HK$3.08 bln ($393.5 mln)  urn:newsml:reuters.com:*:nFWN1YV05Z
    ** HEG offers to buy all the company's H shares at HK$4.56
each in cash, or 82.4 pct premium over the previous close 
    ** Co says HEG will not increase the H share offer price; H
shares will be withdrawn from listing after the deal and the
firm will be merged and absorbed by HEG
    ** As of last close, the stock had fallen 23.6 pct so far
this year
    ** The Hong Kong benchmark index  .HSI  rises 0.9 pct
($1 = 7.8282 Hong Kong dollars)

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)