Hong Kong’s Wheelock Announces Privatization Plan; Share Prices Surge 40%

This post was originally published on this site
© Reuters. © Reuters.

By Alex Ho

Investing.com – Hong Kong-listed property developer Wheelock and Co Ltd (HK:)’s share prices surged 40% on Thursday after the company announced its privatization plan.

Wheelock said in a statement that the privatization could release more value for shareholders by eliminating he historical holding company discount of Wheelock’s stake in Wharf REIC and Wharf, increasing dividend and cash returns.

Wheelock currently holds 66.5% of the issued shares of Wharf REIC, and approximately 70.7% of the issued shares of Wharf.

The company’s shares last traded at HK$66.30, up 40.1%, after jumping as much as 50% earlier in the day. They hit an all-time high since its listing in January 1980. The shares had been suspended from trading since Monday.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment