LEGENDHOLDING (03396) Rises Over 3% on Planned Sale of 11.29% Stake in China Eastern Airlines Logistics

Stock News04-22

LEGENDHOLDING (03396) saw its shares rise more than 3%. At the time of writing, the stock was up 3.02% to HK$9.54, with a trading volume of HK$27.90 million. The move follows a recent announcement by LEGENDHOLDING that it has entered into a share transfer agreement with China Logistics Capital. Under the agreement, LEGENDHOLDING, as the seller, will dispose of 179 million shares in China Eastern Airlines Logistics Co., Ltd. (601156.SH), representing approximately 11.29% of the target company's total issued shares. The transaction value is set at RMB 2.717 billion in cash. Upon completion of the sale, LEGENDHOLDING will no longer hold any shares in the target company. China Eastern Airlines Logistics is a leading domestic air logistics service provider. LEGENDHOLDING has held its investment in the company for nearly a decade, engaging in various strategic, operational, and governance collaborations. The divestment is expected to introduce a new long-term strategic investor to China Eastern Airlines Logistics, facilitating its expansion into broader domestic and international markets during its next strategic phase. It is also anticipated to strengthen strategic and operational synergies among LEGENDHOLDING, the target company, and the new shareholder. Furthermore, the sale will enhance LEGENDHOLDING's liquidity and working capital, bolstering its financial and cash position. The net proceeds from the transaction are intended to be used for general working capital purposes and/or debt repayment.

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