WHARF (Holdings), which announced on Friday plans to privatise Harbour Centre Development, says its $9-a-share offer to minority shareholders represents a 12.2 per cent discount to Harbour Centre's net asset value of $10.26. Wharf owns 57.54 per cent of Harbour Centre - 181.2 million shares. Hongkong and Shanghai Hotels is the largest minority shareholder, with 10.72 per cent. Wharf directors said the company's hotel and property investments could be more efficiently managed if Harbour Centre became a wholly owned subsidiary. Directors of the two firms said they saw overlap between the two companies' hotel and property investments and the privatisation would rationalise and improve Wharf's management structure. Wharf said it planned to continue Harbour Centre's aggressive hotel acquisition programme. In the past 18 months, Harbour Centre has bought two US hotels for $670 million and announced plans to buy a third for $420 million.
