HK's China Agri-Products hits 18-month high on cash offer at premium

Wang On

27/09/2019 04:32

** Shares of China Agri-Products Exchange Ltd  0149.HK  soar
as much as 33.3% to HK$0.084, their highest since March 2018,
after a major shareholder offered to buy shares at a high
premium
    ** The agricultural products and property investment firm's
stock trimmed gains to HK$0.068 in late morning trade, still up
7.9% 
    ** A unit of Wai Yuen Tong Medicine Holdings Ltd  0897.HK 
offers to buy shares representing up to 75% of the issued share
capital of China Agri-Products at HK$0.091 apiece, or 44.4%
premium to Thursday's close  urn:newsml:reuters.com:*:nFWN26H0QH
    ** Wai Yuen Tong, which is 58.08% owned by Wang On Group Ltd
 1222.HK , also offers to buy up to 54.83% of the outstanding
principal amount of convertible notes as it aims to make
additional investments in properties 
    ** By Thursday's close, China Agri-Products stock up 103.2%
this year
    ** China Agri-Products has outperformed the Hang Seng
Property Index sector  .HSNP  by 26.2 percentage points in the
past month
    ** The Hang Seng China enterprises index  .HSCE  eases 0.4%,
and the benchmark index  .HSI  slides 0.3%

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