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2009-5-27 04:16:00 p.m. HKT, XFNA
DJ MARKET TALK: SAC +15.5% After Asset Disposal For HK$200M
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| 1552 [Dow Jones] Shanghai Allied Cement (1060.HK) +15.5% at 56 HK cents, off intraday peak, also fresh year-to-date high of 60 HK cents, after announcing plans to sell cement, clinker and related products manufacturing and distribution business in China for HK$200 million. Company says assets disposed generating return "not commensurate with the group's carrying cost." An analyst at local brokerage says current rally in shares also driven by market speculation company may plan to switch out of low-earnings-growth assets to business with higher growth. Company didn't provide details on use of proceeds. (SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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