HK's Tai United surges; plans cash dividend on sale of $300 mln hotel shares

Tai United Holdings

27/06/2018 03:38

** Shares of commodities trader Tai United Holdings
 0718.HK  rise 25.4 percent to HK$0.84, their highest since June
11
    ** Company plans to sell 184.36 million shares, or 11.47
percent, of The Hongkong and Shanghai Hotels Ltd  0045.HK  for
HK$2.36 billion ($300.7 million) (https://bit.ly/2lyibxY)
    ** It says the stake will be sold to a unit of its
controlling parent Satinu Resources Group Ltd
    ** Company expects to recognise HK$220 million gain on
completion of the deal, and it proposes to declare cash dividend
totalling HK$1.3 billion to shareholders
    ** As of 0217 GMT, about 19.03 million shares of the Hong
Kong-based company have been traded, compared with their 30-day
moving average of 5.38 million shares a day
    ** Hong Kong benchmark index  .HSI  falls 0.3 percent

($1 = 7.8473 Hong Kong dollars)

 (RM: donny.kwok.thomsonreuters.com@reuters.net)