BUZZ-Hong Kong luxury group Dickson Concepts soars to 14-1/2-year high on privatisation offer

Reuters
9 hours ago
BUZZ-Hong Kong luxury group Dickson Concepts soars to 14-1/2-year high on privatisation offer

** Shares of Dickson Concepts (International) 0113.HK jump 43.9% to HK$6.88 in resumed trade, their highest point since November 2010

** Stock, which halted trade on April 24 pending a statement, posts its biggest intraday pct gain since November 1987, and is the biggest pct gainer in the Hong Kong bourse

** The luxury goods group says its key shareholder and chairman Dickson Poon offers to take the company private at HK$7.20 per share in cash, or 50.6% premium over the last closing price of HK$4.78 each

** Co says it is a proposal to mitigate declining profits and facilitate flexibility in formulating new business and growth strategies, which will require significant investments, while allowing shareholders to exit their investment with an attractive cash premium

** Hang Seng Consumption Index .HSCGSI slips 0.1% and the Hang Seng Index .HSI eases 0.5%

** Stock up 37.6%, YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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