HK's NVC Lighting soars to 5-year high on special dividend after KKR investment

NVC International Holdings

12/08/2019 03:20

** Shares of NVC Lighting Holding Ltd  2222.HK  soar as much
as 81.4% to HK$1.27, highest since August 2014, after the firm
says will declare a special dividend following sale of a 70%
stake in its China lighting business to KKR  
    ** Stock tops biggest pct gainers in early trade 
    ** KKR says it will take a majority stake in NVC's China
Lighting Business for a total equity value of about $794
million. NVC will continue to own 30% of the business
 urn:newsml:reuters.com:*:nL4N257052
    ** NVC says it will declare a special dividend of not less
than HK$0.9 per share to shareholders (https://bit.ly/2MbKXUx)
    ** NVC says it will use proceeds from disposal to expand its
international business through M&A 
    ** As of Friday's close, the stock had risen 53.2% so far
this year
    ** NVC has outperformed the Hang Seng Commerce & Industry
index  .HSNC  by 6.8 pct points in the past one month
    ** Hong Kong Hang Seng Commerce & Industry index  .HSNC 
climbs 0.8%, and the benchmark index  .HSI  gains 0.2%

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