May 14 A consortium that includes Singapore
tycoon Ong Beng Seng and Wheelock Properties (Singapore) Ltd
has increased its offer price for a stake in Hotel
Properties Ltd to S$4 per share, valuing the company at around
S$2.07 billion ($1.65 billion).
The consortium, 68 Holdings Pte Ltd, agreed in April to
acquire nearly 214 million shares in Hotel Properties,
representing a 41.9 percent stake in the company, at S$3.50
Hotel Properties said in a statement on Wednesday the
consortium had raised its price after buying 17.1 million shares
of its shares at S$4.00 each.
Hotel Properties shares were up 7.26 percent on Wednesday
morning before being halted ahead of the announcement. The
benchmark index was up 0.8 percent.
($1 = 1.2519 Singapore Dollars)
(Reporting By Andrew Toh; Editing by Miral Fahmy)