Group raises offer for stake in Singapore’s Hotel Properties

PUBLISHED : Wednesday, 14 May, 2014, 3:10pm
UPDATED : Wednesday, 14 May, 2014, 3:18pm

A consortium that includes Singapore tycoon Ong Beng Seng and Wheelock Properties (Singapore) has increased its offer price for a stake in Hotel Properties to S$4 per share, valuing the company at about S$2.07 billion (HK$12.8 billion).

The consortium, 68 Holdings, agreed last month to acquire nearly 214 million shares in Hotel Properties, representing a 41.9 per cent stake in the company, at S$3.50 each.

Hotel Properties, which Ong founded, said in a statement on Wednesday the consortium had raised its price after buying 17.1 million shares of its shares at S$4 each.

Wheelock Properties (Singapore) is a property investor and developer. It is a subsidiary of property-focused Hong Kong investment firm Wheelock & Co.

The firm’s shares rose 7.26 per cent on Wednesday morning before being halted ahead of the announcement.