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Ong Beng Seng, Wheelock Properties move to buy out HPL

Published on Apr 15, 2014 9:56 AM
 
Property tycoon Ong Beng Seng is tying up with Wheelock Properties to buy out his listed hospitality company, Hotel Properties Limited (HPL). -- BUSINESS TIMES PHOTO: ARTHUR LEE CH

SINGAPORE - Property tycoon Ong Beng Seng is tying up with Wheelock Properties to buy out his listed hospitality company, Hotel Properties Limited (HPL).

Their joint venture, 68 Holdings, has agreed to buy a 41.91 per cent stake in HPL and make a takeover offer for the rest of the shares.

68 Holdings is offering $3.50 per share in cash, it said on Tuesday. This is 12.8 per cent higher than HPL's closing price of $3.13 last Friday. HPL shares were suspended from trading on Monday.

68 Holdings will buy the initial 41.91 per cent stake from Mr Ong Beng Seng and companies controlled by him, Mrs Christina Ong, Nassim Developments, Mr David Ban Song Long and Ms Tan Quee Heong.

 
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