Australia's Merchant House International more than triples on sale of Chinese unit

Merchant House International

16/04/2021 02:32

** Shares of shoe manufacturer Merchant House International
 MHI.AX  soars over 200% to hit A$0.145 in their best day ever 
    ** Announces disposal of Chinese unit Carsan (Shunde)
Manufacturing to Foshan XiongYing Logisitics for $20 million
    ** Says move comes in light of "increasingly difficult"
economic conditions in China, sourcing of raw materials,
combined with increased costs of production and adverse exchange
rates
    ** Stock hits highest since Nov. 13, 2018
    ** Nearly 3.1 mln shares change hands, more than 25 times
the 30-day average volume of 122,961
    

 (Reporting by Shruti Sonal in Bengaluru)
 ((Shruti.Sonal@thomsonreuters.com; Twitter: @shrutisonal26))