Hongkong and Shanghai Hotels posts record jump as major shareholder raises stake

Hongkong and Shanghai Hotels

17/01/2022 04:18

** Shares of hotel and shopping acrades operator Hongkong
and Shanghai Hotels  0045.HK  soar as much as 27.8% to HK$8.50,
their biggest daily pct gain since debut in January 1980, after
major shareholder plans to buy HK$2.63 bln ($337.8 mln) stake 
    ** Stock hit the highest since June 29; seventh biggest
gainer on the Hong Kong bourse
    ** Co, with current market value of HK$12.83 bln ($1.65
bln), says major shareholder Kadoorie family has agreed to buy
185.18 mln company shares from Solis Capital Ltd and 20.13 mln
shares from undisclosed persons which are independent of the
company, at HK$12.80 apiece  urn:newsml:reuters.com:*:nFWN2TW00I
    ** That compares to Friday's close of HK$6.65 each 
    ** Owner and operator of The Peninsula says Kadoorie
family's stake in the company will be increased to 72.43% after
the deal, from 59.98% 
    ** Says the deal is conditional upon the major shareholder
having obtained a waiver from any obligation to make a mandatory
general offer for outstanding shares of the company
    ** The Hang Seng Commerce & Industry Index  .HSNC  and the
benchmark Hang Seng Index  .HSI  both slip 0.6%

($1 = 7.7858 Hong Kong dollars)

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