Great Eagle says filed application for hotel business HK IPO
HONG KONG, March 11
HONG KONG, March 11 (Reuters) - Hong Kong property and investment company Great Eagle Holdings Ltd said on Monday that one of its subsidiaries had filed a listing application for a planned initial public offering of its full-service hotel business.
Under the plans, Great Eagle will spin off its Hong Kong properties, which include the upscale Langham, Langham Place and Eaton hotels, into a separate business. The company will list the business through a share stapled unit structure, similar to business trusts in Singapore, and own at least 51 percent of the units after the offering.
The IPO could be worth about $800 million, Thomson Reuters publication IFR reported previously.
Deutsche Bank AG and HSBC Plc will act as sponsors of the listing, Great Eagle said. (Reporting by Elzio Barreto; Editing by Chris Gallagher)
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