China's WH Group jumps most in 7 months on sale of U.S. food spices business

WH

05/10/2022 03:25

** Shares of Chinese pork group WH Group Ltd  0288.HK  jump
as much as 7.8% to HK$5.25, their highest intraday pct gain 
since March 17
    ** WH says it has agreed to sell its food spices and
seasonings business in the United States and Canada under unit
Smithfield Foods to Saratoga Food, a subsidiary of France-based
Solina Group, for $587.50 million, following a review of its
assets  urn:newsml:reuters.com:*:nFWN31413Y
    ** Says the group expects to recognize $467 million gain
before costs and expenses in the financial year ending December
2022
    ** Says the disposal will enable WH to reallocate capital
into future investment opportunities, while maintaining a key
relationship with Saratoga Food, which is a supplier of raw
materials for certain of its production facilities
    ** The Hang Seng Commerce & Industry Index  .HSNC  soars
5%and the Hang Seng Composite Industry Index on consumer staples
 .HSCICS  rises 3.8%
    ** The Hang Seng Composite Index  .HSCI  surges 4.1% and the
Hang Seng Index  .HSI  jumps 4.2%
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))