HK's China Motor Bus climbs to over 2-year high on special div after property sale

Swire Properties

22/05/2019 03:12

** Shares of China Motor Bus Co Ltd  0026.HK  surge as much
as 13.3% to HK$113, the highest since March 2017, after the
property investor and developer says to pay a special dividend
to shareholders following sale of its stake in a commercial
property
    ** Stock ranks the 4th biggest percentage gainer in early
trade 
    ** Co expects to generate HK$966 mln ($123.1 mln) gain from
sale of its 50% stake in a commercial building in Hong Kong's
North Point district to a unit of real estate investor Gateway
Real Estate Fund VI L.P. for HK$2.38 bln  urn:newsml:reuters.com:*:nFWN22X0A4
    ** Co says it will use some of the proceeds from the
disposal to pay a special dividend to shareholders
    ** Swire Properties Ltd  1972.HK  also says it will sell its
50% stake in the property for HK$2.38 bln, raising proceeds for
general working capital  urn:newsml:reuters.com:*:nFWN22X0GS  
    ** Swire Properties shares rise as much as 3% to HK$32.7,
the highest since May 7
    ** The Hong Kong Hang Seng sub-index tracking property firms
 .HSNP  eases 0.1% and the benchmark index  .HSI  gains 0.5%

($1 = 7.8494 Hong Kong dollars)

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