Hong Kong shares in Next Media jump on Taiwan deal
HONG KONG (AFP) - Shares in Hong Kong's Next Media, controlled by media mogul Jimmy Lai, on Thursday jumped as much as 56 percent after the firm said it would sell its Taiwan assets in a deal worth US$600 million (S$730 million).
The stock rose to HK$1.75 (S$0.27) in morning trade, a day after Mr Lai signed two memoranda of understanding with Jeffrey Koo Jr, chairman of the Chinatrust Charity Foundation.
The benchmark Hang Seng Index was up 0.62 per cent.
The deal - which has seen Koo pay 10 per cent of the fee as a refundable deposit - involves Apple Daily's Taiwan edition, Taiwan Sharp Daily, Next magazine and Next TV.