Shangri-La units offload parent stock
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).