HK's Phoenix Media hits near 4-week high on finalising deal on change of control

Phoenix Media Investment (Holdings)

02/06/2021 06:58

** Shares of satellite television broadcaster Phoenix Media
Investment (Holdings) Ltd  2008.HK  surge as much as 15.7% to
HK$0.81, their highest since May 7, on course for second session
of gains
    ** Stock on track for the biggest intraday percentage gain
since April 19; among the 30 biggest percentage gainers on the
Hong Kong bourse
    ** Co says controlling shareholder Today's Asia has
finalised terms and conditions for sale of its stake of 37.93%
to Bauhinia HK and Common Sense Ltd for an aggregate HK$1.16 bln
($149.51 million)  urn:newsml:reuters.com:*:nFWN2NJ15T
    ** Bauhinia HK has agreed to buy 21% Phoenix Media for
HK$640 mln, while Shun Tak Holdings'  0242.HK  unit Common Sense
will buy 16.93% for HK$516 mln 
    ** Both the Hong Kong composite Industry Index tracking
telecommunication stocks  .HSCIT  and the benchmark index  .HSI 
slip 0.6% 
    ** As of the last close, the stock had soared 97.2% this
year
($1 = 7.7587 Hong Kong dollars)

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