HK food store firm CEC soars on pledge to maintain founder's strategy

CEC International Holdings

20/08/2018 04:01

** Shares of convenience store operator CEC International
Holdings Ltd  0759.HK  soar as much as 96 pct to HK$0.91, its
highest since May 26, 2017, after company reaffirms it will
continue its business strategies despite founder's death 
    ** The stock trims gains to HK$0.75, still up 61 pct, and is
set for its best day ever since listing in November 1999
    ** The owner of Hong Kong's homegrown 759 Stores says its
founder, chairman and managing director Lam Wai Chun passed away
on Saturday, and it reaffirms the company will continue business
operations in accordance to Lam's business strategies (https://bit.ly/2vUcGzq)
    ** Co, the smaller rival to major supermarket chains in the
city, says it has apointed Tang Fung Kwan as chairman and
managing director  urn:newsml:reuters.com:*:nFWN1VA03W
    ** Brokers say speculation that the company, with current
market value of $67.90 million, may become an acquisition target
also boost its share price 
    ** As of the previous close, the stock had fallen 13.89
percent so far this year
    ** CEC has underperformed the Hang Seng Commerce & Industry
Index sector  .HSNC  by 16.3 percentage points in the past month
    ** As of 0227 GMT, about 34.38 million shares of the Hong
Kong-based company change hands, compared with their 30-day
moving average of 207,130 thousand shares a day
    ** Hong Kong's benchmark index  .HSI  rises 1.1 pct
    ($1 = 7.8494 Hong Kong dollars)

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)