HK-listed energy group CITIC Resources soars on $139 mln Dameng stake sale

South Manganese Investment

30/10/2020 02:36

** Shares of natural resources exploration group CITIC
Resources Holdings Ltd  1205.HK  surge as much as 26.7% to
HK$0.38, their second straight session of gain 
    ** Stock last up 8.3%, heading for the best day since Oct.
23
    ** Company to sell 34.4% stake in CITIC Dameng Holdings Ltd
 1091.HK  for HK$1.08 bln ($139.4 mln) and use proceeds to
replenish working capital  urn:newsml:reuters.com:*:nFWN2HK1L5
    ** Expects to recognise HK$102.2 mln gain from the stake
sale, which may help cushion the blow from low crude oil prices
amid COVID-19
    ** The Hang Seng China enterprises index  .HSCE  eases 0.4%,
and the benchmark index  .HSI  slides 0.3%
    ** As of last close, the stock had fallen 37.5% this year

    ($1 = 7.7500 Hong Kong dollars)

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