Shares of New York-listed Best were set to open at $2.58, their highest level since February. They have risen 3.4% this year.
Best said the sale does not include its Supply Chain Management, Freight, Ucargo and Global businesses.
“In light of the unexpected ongoing challenges from COVID-19 and evolving industry dynamics, we believe this transaction allows us to better capitalize on our strengths by focusing on supply chain-based logistics solutions,” Best Chief Executive Johnny Chou said.
The logistics firm estimates it can get about $600 million from the sale that is expected to close in the first quarter of 2022.
Reuters had reported in January that Best was considering selling itself as part of a strategic review.
($1 = 6.3964 Chinese yuan renminbi)
Source: Economy - investing.com
