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2007-11-9 11:07:00 a.m. HKT, XFNA
STOCK ALERT - Hong Kong's Lai Sun Devt sharply higher on Ritz Carlton deal
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HONG KONG (XFN-ASIA) - Lai Sun Development was sharply higher after it
said it is to sell 16.57 pct of Hong Kong's Ritz Carlton Hotel to CCB
International Group, an investment bank wholly-owned by China Construction
Bank (CCB).
The stock surged 0.025 hkd or 9.8 pct to 0.28. CCB was up 0.18 hkd or 2.
32 pct at 7.95.
CCB International will buy a 16.57 pct stake in Diamond String -- which
owns the Ritz Carlton here -- for 567.1 mln hkd from Lai Sun, and buy another
23.43 pct from three other Diamond String minority shareholders.
After the transaction CCB International will own 40 pct of the hotel,
while Lai Sun will own 60 pct.
Lai Sun said in a statement that it expects to record gains of 402 mln
hkd from the sale.
roby.lau@xfn.com
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