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CTG DUTY-FREE Once Surges ~10% on Acquisition of DFS HK & MO Biz, Shr Issuance to LVMH
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CTG DUTY-FREE (01880.HK) opened up 2.8% today and once surged by over 9.7% to a peak of HKD96.8. It last printed at HKD95.5, up 9.27%, on a volume of 1.6765 million shares, involving HKD157 million. The company announced this morning that it will acquire DFS Group's travel retail business in Hong Kong and Macau, as well as its intangible assets in Greater China, including exclusive rights to a series of its brands and IPs in this region. The acquisition price is expected to be no more than around HKD3.08 billion. Moreover, as a complementary investment, CTG DUTY-FREE will issue new H-shares to LVMH and the family of DFS co-founder Robert Miller at a discount of around 11.66%. The net proceeds are expected to reach up to HKD924 million. AAStocks Financial News |
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