The founder of Singapore’s Hotel Properties Ltd. is teaming up with a unit of Hong Kong real estate group Wheelock to buy out the hotel developer in a deal that values the company at about US$1.4 billion, the Wall Street Journal reported Tuesday. Hotel Properties managing director Ong Beng Seng and Wheelock Properties (Singapore) Ltd. lead consortium 68 Holdings Pte. Ltd., which controls controls 41.9 percent of Hotel Properties and is seeking full control of the firm. 68 Holdings agreed to buy about 214 million shares at S$3.50 (US$2.80) each, and plans to pay the same amount for the remaining shares that it doesn’t already own or has agreed to buy, the report said. Ong and a business partner control 60 percent of 68 Holdings. Wheelock Properties owns the remaining 40 percent, it said.
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