Shangri-La units offload parent stock

PUBLISHED : Thursday, 06 July, 2000, 12:00am
UPDATED : Thursday, 06 July, 2000, 12:00am

Three Shangri-La Asia subsidiaries yesterday sold 30 million parent-company shares at HK$9.50 each.

Chief financial officer Madhu Rao said it left the three - Shangri-La Hotels Singapore, Shangri-La Hotels Malaysia and Shangri-La Hotels Thailand - with about 80 million shares in the parent company.

The hotel group had said the subsidiaries' stock portfolio mostly featured Shangri-La Asia shares, and they planned to place them so as to strengthen the company's financial position and streamline the group's structure.

Yesterday saw 48.4 million Shangri-La shares change hands, closing down 20 HK cents, or 2.22 per cent, at HK$8.80.

This valued the subsidiaries' portfolio at about HK$704 million. Shangri-La is part of Robert Kuok's Kerry Group, the largest shareholder in South China Morning Post (Holdings).