Cheung Kong Property to change name in bid to reflect ‘sustainable business growth’ strategy
Cheung Kong Property Holdings, controlled by tycoon Li Ka-shing, has proposed to change its English name to CK Asset Holdings in order to better reflect its strategy “to achieve long-term sustainable business growth and value creation” through investments that include property, infrastructure, and aircraft leasing.
The change was also aimed to align CKPH’s name with those of other listed companies with the CK group, the company said in an exchange filing on Friday night.
The company also said it had completed the acquisition of Canadian building equipment service firm Reliance and would sell a 25 per cent equity interest of Reliance to Cheung Kong Infrastructure (CKI) for C$714.92 million (US$565.32 million).
The transaction is pending the approval of CKPH shareholders.
“The transaction would provide synergy effect to both CKPH and CKI and allow them to share their
management and strategic expertise in the management and operation of the Project Group,” the filing said.
Reliance is principally engaged in the building equipment services sector, providing water heaters, as well as heating, ventilation and air conditioning equipment, in addition to other services to homeowners in Ontario. The company operates under the brand Reliance Home Comfort.