August 12, 2019 / 3:43 AM / 13 days ago

HK-listed lamp maker NVC soars as KKR plans to take stake in China's business

HONG KONG (Reuters) - NVC Lighting Holding Ltd shares are set to open 71.4% up after KKR & Co Inc said it planned to take a stake in the China lighting business of the lighting electronic products maker.

The stock is set to open at HK$1.20 on Monday, the highest open since August 2016 and above the previous close of HK$0.70 each. The benchmark Hang Seng index is set to fall 0.27%

KKR said on Sunday it would take a majority stake in NVC’s China Lighting Business for a total equity value of about $794 million. NVC will continue to own 30% of the business.

Reporting by Donny Kwok; Editing by Stephen Coates

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