HK Stock Market Move | LEFTFIELD PRINT (01540) surged nearly 47% as it announced the sale of its Australian printing business to LION ROCK GROUP. It plans to pay a special dividend of 0.3 Hong Kong dollars per share.

LEFTFIELD PRINT (01540) surged nearly 47% earlier this morning, and as of the time of writing, it has risen by 29.11% to 0.51 Hong Kong dollars with a trading volume of 1.4474 million Hong Kong dollars. In terms of news, LION ROCK GROUP and LEFTFIELD PRINT announced a joint acquisition where LION ROCK GROUP will acquire 100% equity of OPUS Book Printing Group Holdings Pty Ltd (the target company) from LEFTFIELD PRINT for 132 million Hong Kong dollars. The target group has established a leading market position in the book printing sector in Australia through its operating entities McPherson, Marvel, and Griffin. The target group is mainly engaged in the production of books and catalogs, operation manuals, and promotional materials in Australia. LION ROCK intends to pay a special dividend of 0.3 Hong Kong dollars per Lion Rock share. It is expected that the estimated net proceeds of approximately 129 million Hong Kong dollars (excluding expenses related to the acquisition) generated from this transaction will be fully distributed by Lion Rock as a special dividend (subject to approval). Upon completion, Lion Rock is estimated to record an unaudited loss from asset disposal of approximately 39 million Hong Kong dollars.