Wanda tycoon Wang takes control of Hong Kong-listed hotels unit for US$469 million
In the latest step in the ongoing reorganisation of Dalian Wanda Group, Wanda Hotel Development becomes sole HK-listed platform
Chinese tycoon Wang Jianlin is buying a controlling 65 per cent stake in Hong Kong-listed company
According to a regulatory filing on Monday, Wanda Investment Holding, a company wholly owned by Wang, has signed a non-legally binding letter of intent to buy 65 per cent of Wanda Hotel Development from Wanda Commercial Properties Overseas, which is also majority-owned by Wang.
The offer of HK$1.20 per share for the listed company is a 25 per cent discount to Wanda Hotel’s shares before the announcement was made during the midday trading break.
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Wanda Hotel shares rose to as high as HK$1.67 after the announcement, extending their daily gain to over 16 per cent, before easing back at the close to a gain of 10.5 per cent. Wanda shares have jumped nearly 50 per cent since last Monday’s close.
The statement said the ultimate controlling shareholder of Wanda Hotel Development would be unchanged after the proposed transfer, as Wang Jianlin had received a waiver from Hong Kong’s Securities and Futures Commission on the need to make a general offer after the deal, according to the statement.