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NEW WORLD DEV Stumbles 12%; CTFE: Potential Investment Not Intended to be General Offer
Recommend 15 Positive 17 Negative 17 |
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NEW WORLD DEV (00017.HK) opened 2.6% lower this morning (February 2). With widened decline along with the broader market, the stock broke below the 10MA (approximately HK$10.15). It last traded at HK$9.99, down 12.21%, with a turnover of HK$209 million. The company announced after the market closed last Friday (January 30) that it had further learned from its controlling shareholder, Chow Tai Fook Enterprises (CTFE), that it had been contacted and received proposals from several potential investors regarding a possible investment in the company. To date, none of these proposals are intended to result in a general offer for the company's shares, and there is no assurance that the potential investment will proceed. CTFE is continuing discussions with these potential investors, but no agreement on the amount, nature, or form of the potential investment has yet been reached. Earlier market rumors had spread that NWD might undergo control change, with Blackstone (BX.US) potentially replacing CTFE as the largest single shareholder. AAStocks Financial News |
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