HK-listed B&D Strategic plunges as parent group sells stake at discount

Rongzun International Holdings

20/09/2023 07:46

** Shares of B & D Strategic Holdings Ltd  1780.HK  plunge
as much as 35.9% to HK$1.59 in resumed trade, their lowest since
June 14, after controlling shareholder plans to sell stake at
discount
    ** Stock is fifth-biggest pct loser on the Hong Kong bourse
    ** The civil engineering group says its parent Sky Winner
Holdings plans sale of all its 75% stake in the company to
Kyosei Technology Inc for HK$233.50 mln ($29.86 mln) 
    ** Shares are to be sold at HK$0.5022 each, representing  a
79.7% discount to previous close of HK$2.48 each on Sept 11
prior to a trading halt - Co
    ** Kyosei is required to make an unconditional mandatory
cash offer for all outstanding shares at the same price
    ** Hang Seng Commerce & Industry Index  .HSNC  declines 0.6%
and Hang Seng Index  .HSI  eases 0.3%
    ** Stock up 85.1% YTD 


($1 = 7.8209 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))