HK-listed tissue maker Vinda drops as Essity mulls stake sale

Vinda International Holdings

27/04/2023 05:43

** Shares of tissue and napkins manufacturer Vinda
International Holdings Ltd  3331.HK  drop as much as 10.6% to
HK$19.50, lowest since April 11 
    ** Stock is the second biggest pct loser in Hang Seng
Composite Index  .HSCI  
    ** Hygiene products group Essity  ESSITYb.ST  said on
Wednesday it has initiated a strategic review of its stake in
China-based Vinda  0331.HK  and its Consumer Tissue Private
Label Europe business
    ** Vinda says the strategic review of its controlling
shareholder Essity is at a preliminary stage and includes
exploring different options which may result in divestments but
no such decisions have yet been taken by Essity
    ** Co also says its quarterly net profit plunged 88.4% YOY
to HK$40 mln ($5.10 mln) while Q1 revenue grew 15.5% YOY to
nearly HK$5 bln    
    ** The Hang Seng Consumption Index  .HSCGSI  eases 0.8%, the
Hang Seng Composite Index  .HSCI  slips 0.1%, while the Hang
Seng Index  .HSI  climbs 0.1%
    ** As of last close, the stock had slid 5.2% this year


($1 = 7.8498 Hong Kong dollars)

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