Australia's Merchant House rises on selling stake in Chinese shoe firm

Merchant House International

30/05/2024 02:25

** Shares of Merchant House International  MHI.AX  rise as
much as 28.6% to A$0.045
    ** Stock set for its best day since Sept. 14, 2023, if gains
hold 
    ** Footwear and home textile manufacturer says it is selling
its 33.79% interest in China's Tianjin Tianxing Kesheng Leather
Products for about A$8.3 mln ($5.49 mln)
    ** Says decision made by board after progressive decline in
Tianxing's profits in recent years
    ** About 141,333 shares change hands, compared with the
30-day average volume of 116,736
    ** Stock has fallen 22.2% this year, as of last close


($1 = 1.5124 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))