Wheelock unit launches offer for Singapore subsidiary

Wheelock unit launches offer for Singapore subsidiary

A unit of Hong Kong-based developer Wheelock and Co said on Thursday (Jul 19) it had launched an offer for all the shares of Singapore-listed subsidiary Wheelock Properties Singapore at S$2.10 each.

Star Attraction, a wholly owned indirect subsidiary of Wheelock and Co, said the voluntary unconditional general offer would allow Wheelock Property shareholders to realise their investment entirely in cash at above the highest closing price of the shares since January 2010.

The offer values the company at more than S$2.5 billion, Star Attraction said.

Star Attraction already owns 76.21 per cent of Wheelock Property, it said.

Trading in Wheelock Properties shares reopened on Thursday after the announcement and was up 23 per cent at S$2.14 after being halted on the company’s request on Friday.

Source: Channel NewsAsia – 19 Jul 2018