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Hong Kong developer Wharf sells Amazon, Facebook stakes for US$944 million, boosting own privatisation appeal
- Hong Kong developer sells stakes in Amazon and Facebook in open markets since August last year
- Sales generate almost US$250 million in surplus over their carrying book values
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The Wharf (Holdings), one of Hong Kong’s biggest commercial landlords, said it sold Amazon and Facebook shares over the past 10 months for US$944 million (HK$7.3 billion) to profit from investments in companies run by two of the world’s top billionaires.
The developer sold 223,452 Amazon shares, or 0.04 per cent stake, between August 5 and May 22 for US$441 million in net proceeds, according to a Hong Kong stock exchange filing. The company also disposed of 2,576,491 Facebook shares, or 0.09 per cent stake, for US$503 million.
Both open-market sales generated US$199 million and US$50 million of surplus respectively over their carrying book values, the company added. Shares of Amazon and Facebook, run by Jeff Bezos and Mark Zuckerberg, rallied more than 29 per cent in the period.
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Shares of Wharf (Holdings) rose 3.5 per cent to HK$13.46 on Tuesday, while its parent Wheelock gained 2.5 per cent to HK$52.75.
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The two US companies are part of the much-vaunted FAANG stocks, an acronym of technology giants that include Apple, Google (Alphabet) and Netflix.
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