Hotel Properties Ltd. (HPL), owner of the
Four Seasons hotels in Singapore and Bali, jumped the most in
almost five years after founding shareholders agreed to buy the
stock they don’t own for S$749 million ($597 million).
The shares surged 13 percent to S$3.53 at the close of
trading in Singapore, their biggest gain since May 2009. A
company led by Managing director Ong Beng Seng and Wheelock
Properties Singapore Ltd. (WP), which jointly own 41.91 percent
through six stakeholders, offered to buy the shares at S$3.50
each, according to a statement to the Singapore stock exchange.
Hotel Properties, which also owns the Hilton and Concorde
properties in Singapore, has 28 resorts and hotels in countries
including the U.S., Malaysia and the Maldives. It also develops
luxury condominiums in the island-state and Thailand. The
decision to combine will help “enhance value over time,” the
company said in the statement.
“The partnership between Ong Beng Seng and Wheelock will
work out well,” said Terence Wong, head of research at DMG
Partners Securities Pte in Singapore. “Hotel Properties has
underperformed compared to their potential so this venture will
help in co-development of properties.”
Wheelock Properties rose 4 percent to S$1.815, the biggest
increase since March 2012.
Ong owns the majority of Cuscaden Partners Pte, which in
turn holds 60 percent of the venture making the bid, according
to the statement. Wheelock’s Nassim Developments Pte owns a 40
percent stake in the joint venture.
To contact the reporter on this story:
Pooja Thakur in Singapore at
pthakur@bloomberg.net
To contact the editors responsible for this story:
Andreea Papuc at
apapuc1@bloomberg.net
Tomoko Yamazaki
Hotel Properties Climbs on S$749 Million Offer: Singapore Mover
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