HK's Kerry Logistics jumps on S.F. Holding's offer to buy majority stake

Kerry Properties

10/02/2021 02:00

** Shares of international freight forwarder and storage
firm Kerry Logistics Network Ltd  0636.HK  rise as much as 10.4%
to HK$25.90, their highest since listing in December 2013
    ** Stock, last up 6.6%, is the fourth most actively traded
on the Hong Kong bourse in early trade 
    ** China's logistics giant S.F. Holding Co  002352.SZ  has
offered to buy a 51.8% stake in the logistics arm of Kerry
Properties Ltd  0683.HK  at HK$18.8 per share
    ** Offer represents a 19.83% discount to stock's last close 
of HK$23.45 on Feb. 4, prior to a trading halt
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    ** S.F. says Kerry Logistics will retain its listing on the
Hong Kong stock exchange on completion of the deal, while the
public float will be reduced to 15% from 25%
    ** Kerry Logistics says it will declare a special dividend
of HK$7.28 per share after completing the sales of warehouse for
HK$13.5 bln ($1.74 bln)
    ** Shares of Kerry Properties surge as much as 19.2% to
HK$24.50, their highest since February 2020
    ** S.F.'s Shenzhen shares rise 10% to record high of 117.10
yuan 
    ** The Hong Kong benchmark index  .HSI  rises 1.1%


($1 = 7.7517 Hong Kong dollars)

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