Jun
17

China Resources Hits 5-Month High as Parent Pays More for Assets

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China Resources Enterprise Ltd. leapt to a five-month high in Hong Kong trading after the state-backed brewer said it will increase a special dividend as its parent offered HK$2 billion ($258 million) more to buy its assets than initially agreed.

The assets, which include its money-losing retail venture with Tesco Plc, will be sold for HK$30 billion, the company said in a statement Thursday to the city’s stock exchange. The dividend will be raised to HK$12.30 from HK$11.50 a share.

China Resources Enterprise is selling its hypermarket and supermarket business, which have been hurt by China’s economic slowdown, to focus on its top-selling Snow beer. While its beer unit saw first-quarter profit surge almost nine times, underlying earnings at the retail arm fell 28 percent…

China Resources Hits 5-Month High as Parent Pays More for Assets

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