CON AERO TECH Shares Soar Over 120% on Plan to Divest Engine Business and Delist Following Special Dividend

Stock News06-08

Shares of CON AERO TECH (HKEX: 00232) have skyrocketed more than 120%. At the time of writing, the stock is up 90.59% to HK$0.385, with a turnover of HK$68.0625 million.

This surge follows an announcement from the company. CON AERO TECH has agreed to sell the entire issued share capital of its wholly-owned subsidiary, Motto Investment Limited. This target group primarily operates a general aviation aircraft piston engine business. The expected sale consideration is between US$500 million and US$520 million.

The board has proposed that the entire proceeds from the sale be distributed to shareholders as a special dividend related to the transaction. Following the completion of the sale, the company intends to apply for the withdrawal of its listing status from the stock exchange.

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