Weiqiao Textile jumps most on record as parent offers to take firm private

Weiqiao Textile Co

05/12/2023 02:47

** Shares of Weiqiao Textile Co Ltd  2698.HK  soar as much
as 92.4% to HK$3.29, marking the biggest one-day pct rise since
debut in September 2003, if trend holds
    ** Stock hit the highest since September 2021
    ** The cotton yarn, fabric and denim maker says it has
entered into merger agreement with a unit of its controlling
shareholder Shandong Weiqiao Chuangye Group Co Ltd as part of a
proposed pre-conditional privatisation  
    ** Says the unit will offer HK$3.50 per share for the
cancellation of the company's H shares, representing 104.7%
premium over the last closing price of HK$1.71 each on Nov. 24,
prior to a trading halt. Stock will be delisted after the deal.
    ** Hang Seng Commerce & Industry Index  .HSNC  and Hang Seng
Index  .HSI  both fall 1.4%
    ** Stock up 101.9% YTD 

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