Hongkong Land announces delisting, exit offer for MCL Land

Hongkong Land on Thursday said it wants to acquire all the remaining shares that it does not already own in MCL Land and delist it from the Singapore Exchange.

The exit offer is at a total cost of S$205 million, or S$2.45 per share.

HongKong Land currently owns 77.4 per cent of MCL Land through its subsidiary, HKL MCL.

The company said it will fund the proposed acquisition from existing cash resources.

Hongkong Land said the delisting will provide the Group with greater operational flexibility in managing its residential property development activities in the region.

The proposal is conditional upon approval by 75 per cent of MCL’s shareholders.

Source : Channel NewsAsia – 26 Aug 2010

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