In Brief

PUBLISHED : Tuesday, 12 February, 2008, 12:00am
UPDATED : Tuesday, 12 February, 2008, 12:00am

Manulife offers buy-back plan for small shareholders

Canadian insurer Manulife Financial has announced a voluntary buy-back plan for shareholders with fewer than 100 common shares. Participants must submit their shares for sale before April 18, it told the Hong Kong stock exchange yesterday. The offer will be based on the weighted average price on the New York Stock Exchange open market during the week the shares are sold. Manulife said the scheme provided small shareholders a way to cash in their stock and would cut annual expenses resulting from servicing fewer accounts. Natalie Chiu

Kerry Media to increase stake in SCMP above 63pc

Kerry Media, the controlling shareholder of SCMP Group, said its mandatory conditional general offer to buy all the shares it did not yet own in the publisher of the South China Morning Post had been accepted by investors holding 17.46 per cent of the stock. The deal will raise its stake to 63.31 per cent. The offer of HK$2.75 per share now becomes unconditional, with the latest date for acceptance on February 25. Yvonne Liu

Anta Sports to transfer IPO proceeds to the mainland

Anta Sports Products said it would convert the unused Hong Kong dollar proceeds from its HK$3.64 billion initial public offering last year into yuan because of the currency's appreciation. The firm told the stock exchange it would shift its deposit accounts from banks and financial institutions in Hong Kong to those on the mainland. Jasmine Wang

Forex reserves reach US$159.9b

Hong Kong's foreign currency reserves climbed US$7.2 billion or 4.72 per cent to US$159.9 billion last month, according to the Hong Kong Monetary Authority. It attributed the rise mainly to purchases of foreign currencies with Hong Kong dollars. Natalie Chiu