A GROUP of small shareholders is challenging a $1.7 billion property sale completed in just four working days by Kowloon Motor Bus (KMB), saying the company may be selling assets to a related group without ensuring it is getting the highest price.
A letter sent to the Financial Secretary, the Securities and Futures Commission, the stock exchange and newspapers questions aspects of the deal which will see KMB sell two large slabs of land in Kwun Tong and Kwai Chung to Sun Hung Kai Properties (SHKP).
Sun Hung Properties holds a 31.6 per cent stake in KMB, and last month gave KMB just four working days to accept its offer to buy the two sites, at a time when property prices generally are rising fast.
Land prices have been propelled upwards by a record price for a single plot of $3.94 billion at the land auction on December 15, and revised plot ratio rules, unveiled on December 24, which have greatly increased the development value of land in many parts of Kowloon.
KMB public relations manager Winnie Ng said KMB was currently talking to its valuers to see if either site was affected by the new plot ratio rules.
The letter of complaint, signed by Ma Ma Singh but which also claims to represent the view of ''a group of small shareholders of KMB'', says they are not challenging the sale, but are complaining that the sale is being conducted by private treaty withoutother developers having a chance to bid.
