HK-listed Shougang Fushan Resources jumps on share buyback plan

Shougang Fushan Resources

12/07/2023 08:30

** Shares of coking coal products producer Shougang Fushan
Resources Group Ltd  0639.HK  jump as much as 10.8% to HK$2.26,
their highest since June 9
    ** Stock set for the biggest one-day pct rise since March
2022, if gains hold; biggest pct gainer in Hang Seng Composite
Index for energy stocks  .HSCIE  
    ** Company offers to buy back for cancellation of up to 125
mln shares at HK$2.40 per share, representing 17.7% premium over
the previous close of HK$2.04 each 
    ** Says the offer will be paid in cash and funded by
internal resources 
    ** Hang Seng Composite Index tracking energy stocks  .HSCIE 
rises 1.3%, Hang Seng Composite Index  .HSCI  climbs 0.7% and
Hang Seng Index  .HSI  gains 0.9%
    ** As of last close, the stock has fallen 18.1% so far this
year

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