HK property agency Midland hits 3-week high, founder offers to buy shares

Midland Holdings

20/12/2018 03:02

** Shares of Midland Holdings Ltd  1200.HK  climb as much as
7.7 pct to HK$1.68, the highest since Nov. 29, after founder
plans to raise stake in the property agency services provider  
    ** The stock is heading for the biggest intraday percentage
gain since Nov. 15
    ** Company says its founder and chairman Freddie Wong makes
a voluntary cash offer to buy 57.44 mln shares, or 8 pct of the
issue share capital, at HK$2 per share   urn:newsml:reuters.com:*:nFWN1YO13L
    ** The offer price represents a 28.2 pct premium over the
previous close   
    ** Wong and his associate, who currently own 27.07 pct of
the company, aim to send a positive signal to stakeholders,
staff and customers, about his confidence in the company despite
challenging environment for the property market 
    ** As of last close, the stock had fallen 31 pct so far this
year
    ** Midland has underperformed the Hang Seng Property Index
sector  .HSNP  by 6.1 percentage points in the past one month.
    ** The Hong Kong Hang Seng sub-index tracking property firms
 .HSNP  slides 0.4 pct


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