China's Tencent rises on 10% stake buy in Thailand's GMM Music

Tencent Music Entertainment

03/06/2024 08:39

** Shares of Tencent  0700.HK  rise as much as 5.3% to
HK$379, on course for the biggest one-day pct gain since April
22 if trend holds
    ** Stock is the fifth biggest pct gainer on Hang Seng Index
 .HSI  and Hang Seng Tech Index  .HSTECH  
    ** Thai entertainment platform GMM Music says Tencent
 0700.HK  and Tencent Music Entertainment  1698.HK  will acquire
a 10% stake in the company for $70 mln, solidifying its spin-off
plan
    ** "This partnership will lead to cooperative efforts in
expanding our business into new and larger markets, where China
is one of the key target territories with its immense market
potential" - Phawit Chitrakorn, CEO of GMM Music 
    ** Shares of Tencent Music rise as much as 4.8%, best day
since May 17 
    ** Hang Seng Tech Index  .HSTECH  rises 2.4% and Hang Seng
Index  .HSI  adds 1.8%
    ** Tencent stock up 27.4% YTD, while Tencent Music up 72.5%
YTD   

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