First Service Holding plunge to record low as Sunac Services terminates stake purchase

Sunac Services Holdings

04/01/2022 03:41

** Property management services group First Service Holdings
Ltd's  2107.HK  shares dive 48.5% to HK$0.67, record low since
debut in October 2020
    ** Stock set for worst day on record; biggest pct decliner
on Hong Kong bourse
    ** Bigger rival Sunac Services Holdings  1516.HK  terminates
acquiring a stake in First Service  urn:newsml:reuters.com:*:nFWN2TJ00S
    ** Sunac says termination due to uncertainty regarding
sustainability of First Service's business obtained from a
related party, which is facing liquidity issue
    ** Sunac in November agreed to buy a 32.2% stake in First
Service for 692.7 mln yuan ($108.2 mln), with plans to then make
a mandatory cash offer for all outstanding First Service shares
 urn:newsml:reuters.com:*:nFWN2RP2TV
    ** Sunac shares up 12.1% at HK$7.80, best day since Dec. 7;
sixth biggest pct gainer on Hang Seng Composite index  .HSCI  
    ** Hang Seng Mainland Properties index  .HSMPI  rises 5.5%,
while Hang Seng Composite index  .HSCI  slips 0.7% and Hang Seng
index  .HSI  eases 0.5%

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