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TONGCHENGTRAVEL Plummets ~11% on Acquisition of Wanda Hotel Biz for ~RMB2.5B
Recommend 8 Positive 9 Negative 5 |
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TONGCHENGTRAVEL (00780.HK) plummeted nearly 10.74% to $19.86, with 14.54 million shares traded, involving $295 million. WANDA HOTEL DEV (00169.HK) last printed at $0.56, rocketing 20.43%, with 19.445 million shares traded, involving $11.0491 million. TONGCHENGTRAVEL announced the acquisition of 100% equity interest in Wanda Hotel Management (Hong Kong), a hotel service provider in China, from Wanda Hotel Development to enhance the Company's competitiveness in high-end hotels at an initial consideration of RMB2.497 billion, which is equivalent to an EV/2023 EBITDA multiple of 9.5x. AAStocks Financial News |
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