HK's Singamas Container hits near 7-week high on sale of container making units

Singamas Container Holdings

07/05/2019 03:36

** Shares of Singamas Container Holdings Ltd  0716.HK  rise
as much as 11.9 pct to HK$1.51, their highest since March 20,
after the container depots operator plans sale of dry freight
and containers making units to focus on logistics services 
   ** Co has agreed to sell units involved in manufacturing dry
freight and refrigerated containers making and containers
terminal services operation in China to COSCO Shipping
Financial, a unit of state-owned China COSCO Shipping Corp, for
3.8 billion yuan ($561.44 million)  urn:newsml:reuters.com:*:nFWN22I0E4 urn:newsml:reuters.com:*:nL5N22I3GB
    ** Co says it will use the proceed to repay bank loans, for
working capital and for distribution of a special dividend  
    ** As of last close, the stock had risen 28.6 pct so far
this year
    ** Singamas has outperformed the Hang Seng Commerce &
Industry Index sector  .HSNC  by 7.7 percentage points in the
past one month
    ** The Hong Kong Hang Seng Commerce & Industry Index  .HSNC 
gains 0.9 pct, and the benchmark index  .HSI  climbs 0.8 pct on
Tuesday
    


($1 = 6.7683 Chinese yuan renminbi)

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