HK-listed PW Medtech hits over 3-1/2-year high on sale of stake in CBPO

PW Medtech

27/10/2020 01:54

** Medical devices developer and manufacturer PW Medtech
Group Ltd's shares  1358.HK  surge as much as 25% to HK$2.10,
their highest since February 2017
    ** Stock last up 11.9%, set for its best day since May 18
    ** Beijing-based company says it has agreed to sell its
13.79% stake in China Biologic Products Holdings Inc  CBPO.O 
(CBPO) for 4.26 bln yuan ($634.5 mln), providing it with
immediate cash inflow  urn:newsml:reuters.com:*:nFWN2HH1E0
    ** Says 50% of the proceeds will used for distribution of a
special dividend to shareholders, while remainder will be used
for repayment of bank loans, to fund long term investments and
for working capital
    ** The Hang Seng China enterprises index  .HSCE  slips 0.6%,
and the benchmark index  .HSI  slides 0.4%
    ** As of last close, the stock had risen 19.2% this year

($1 = 6.7119 Chinese yuan renminbi)

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