Hutchison Whampoa and sister property developer Cheung Kong (Holdings) have cut by two-thirds their more than 30 per cent interest in Priceline.com, the New York-based online travel company said.
The disposal may be worth more than US$300 million.
The two Li Ka-shing-controlled Hong Kong companies cut their interest to 9.6 per cent from 31.8 per cent, Priceline said. The sales would be worth about US$304 million based on the closing price of US$34.16 on Tuesday, the stock's highest level since September 2003.
Hutchison declined to disclose the net gain from the sales.
Priceline made a name for itself with its 'name your own price' auction service for plane tickets and hotel rooms and quirky advertising.
'This partial sale of our stakes in Priceline can help us to maximise the value of our investment,' a Hutchison spokesman said. 'We are satisfied with Priceline's business model and performance of its management team.'
