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

Published 02/27/2020, 01:10 AM
Updated 02/27/2020, 01:13 AM
© Reuters.
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By Alex Ho

Investing.com - Hong Kong-listed property developer Wheelock and Co Ltd (HK:0020)’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.

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