Kuok Group raises $676m

SHANGRI-LA Asia's majority shareholder, the Kuok Group, has realised $676.2 million through the disposal of 58.8 million shares in the company.

The hotel group yesterday reported to the stock exchange that the Malaysian conglomerate had placed 58.8 million Shangri-La shares at $11.50 each on August 19 out of which 40 million shares were placed through investment houses and 18.8 million shares were placed to Ocean Inc.

The Kuok group's interest in the company has now been reduced to about 56 per cent with about 37 per cent of the shares held by the public.

The company also confirmed that there were no negotiations or agreements relating to intended acquisitions.