Wharf

Wheelock stocks

PUBLISHED : Friday, 28 March, 1997, 12:00am
UPDATED : Friday, 28 March, 1997, 12:00am

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Wharf tumbled 4.97 per cent to $29.65 yesterday after its parent Wheelock was ordered by a Hong Kong court to pay more than $200 million to a Danish finance company.


Wheelock lost 3.14 per cent to $16.95.


A former subsidiary of the group had defaulted on loans made to Danish Shipping Finance in the 1980s and the court case was settled last Wednesday after a seven-month trial.


The Government's decision to cool the property market also hurt the conglomerate, analysts said.


Wharf announced on March 21 that its profits fell 24 per cent in 1996 partly due to delayed property sales.