July 19, 2018 / 1:26 AM / 3 months ago

Wheelock unit launches offer for Singapore subsidiary

SINGAPORE, July 19 (Reuters) - A unit of Hong Kong-based developer Wheelock and Co Ltd said on Thursday it had launched an offer for all the shares of Singapore-listed subsidiary Wheelock Properties Singapore Ltd at S$2.10 each.

Star Attraction Ltd, a wholly-owned indirect subsidiary of Wheelock and Co, said the voluntary unconditional general offer would allow Wheelock Property shareholders to realise their investment entirely in cash at above the highest closing price of the shares since January 2010.

The offer values the company at over S$2.5 billion ($1.8 billion), Star Attraction said.

Star Attraction already owns 76.21 percent of Wheelock Property, it said.

Trading in Wheelock Properties shares reopened on Thursday after the announcement and was up 23 percent at S$2.14 after being halted on the company’s request on Friday. ($1 = 1.3651 Singapore dollars) (Reporting by Jack Kim; Editing by Stephen Coates)

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