[Stock Movement] LEOCH INT'L surges over 20%, plans to spin off business for U.S. listing
LEOCH INT'L plans to spin off Leoch Energy for a listing in the United States, with the stock price rising by as much as 25.8%, reaching a high of HKD 2.05, and ultimately increasing by 23.9%, with a transaction volume of HKD 10.4 million. The company has received approval from the Hong Kong Stock Exchange for the spin-off, which will be realized by distributing shares of Leoch Energy Inc to shareholders. Upon completion, Leoch Energy Inc will be independently listed
LEOCH INT'L ( 00842) plans to spin off Leoch Energy for a U.S. listing, causing the stock price to rise by 25.8% at one point, reaching a high of HKD 2.05, and closing at HKD 2.02, still up 23.9%, with a transaction volume of HKD 10.4 million.
The group announced that it proposes to spin off its wholly-owned subsidiary Leoch Energy Inc and list it separately on the U.S. stock exchange. The company has received approval from the Hong Kong Stock Exchange to proceed with the proposed spin-off.
The group stated that the proposed spin-off will involve the distribution of all shares of the spun-off company held by the company to its shareholders through a proposed distribution. After the proposed spin-off and proposed distribution are completed, Leoch Energy Inc will be separated from the company, resulting in a parallel listing structure for the company and Leoch Energy Inc, allowing the company's shareholders to hold shares in Leoch Energy Inc.
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