HNA Group's HKICIM hits 17-month high as Blackstone agrees to buy control

Tysan Holdings

11/03/2019 01:56

** Shares of Hong Kong International Construction Investment
Management Group Co Ltd  0687.HK  (HKICIM) jump as much as 13
pct to HK$2.97, their highest since Oct 31, 2017
    ** Stock jumps after Blackstone Group LP  BX.N  agrees to
buy a controlling stake in the Hong Kong-listed construction arm
of HNA Group
    ** Stock ranks the third-biggest percentage gainer
 .PGST.HK  in early trade
    ** China's HNA Group is selling a controlling stake in the 
Hong Kong-listed unit to global asset manager, Blackstone, for
HK$7.02 bln ($894.31 mln) in the latest asset disposal by the
embattled Chinese conglomerate  urn:newsml:reuters.com:*:nL3N20X06Z
    ** The purchase price represents HK$3 apiece, or a 14.5
percent, premium over HKICIM's previous close
    ** Blackstone's stake in HKICIM will be increased to 71.47
pct on completion from 1.93 pct 
    ** Blackstone has also offered to purchase the remainder of
HKICIM shares in the market at the same price, in compliance
with exchange rules, though it does not intend to privatise the
company
    ** As of last close, stock up 8.7 pct so far this year
    ** HKICIM has outperformed the Hang Seng Commerce & Industry
Index sector  .HSNC  by 18.2 percentage points in the past one
month
    ** The Hong Kong benchmark index  .HSI  edges up 0.1 pct
    

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