Wheelock, Ong Beng Seng to buy HPL
A consortium that includes Singapore magnate Ong Beng Seng and Wheelock Properties offered to acquire Hotel Properties (HPL) for S$3.50 per share, making it the latest in a series of acquisitions by large shareholders looking to gain full control of property assets.
Stock filings to the Singapore Exchange showed that 68 Holdings agreed to acquire almost 214 million shares, which translates to a 41.9 percent stake, in HPL at S$3.50 each.
The group intends to make a cash offer for all the remaining shares it does not own.
68 Holdings is 60 percent owned by Cuscaden Partners, while the remaining 40 percent is held by Wheelock Properties' subsidiary, Nassim Developments.
Cuscaden Partners is 90 percent owned by Ong, who is also the managing director of HPL. The rest is owned by David Ban Song Long.
Meanwhile, Wheelock Properties forms part of Hong Kong-listed firm Wheelock & Co.
As long-term shareholders of HPL, Wheelock, Ong and Ban decided to consolidate their shareholdings to enable them to "implement their shared objectives for HPL and to enhance value over time," read the stock filing.
Aside from owning and operating hotels, HPL also has business in investment holding and property developments. The company's portfolio includes 28 hotels and resorts across 13 countries.
Nikki De Guzman, Junior Journalist at PropertyGuru, wrote this story. To contact her about this and other stories, email nikki@propertyguru.com.sg
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