The company had been trading at 5.33 HK ($0.69 cents) per share before the announcement, but after trading resumed after a one-day pause, trading has increased to close the offering price. However, Wheelock said in a joint announcement that the share price will not be altered. Wheelock officials said they want to privatize the firm because the shares have not been performing near the net asset value.
Wheelock & Co., which owns the majority 74% shares, will not participate in a vote for privatization, but said that it will approve the scheme if the rest of the shareholders accept the sale. A deadline of Oct. 31 has been set for the plan to be finalized. If the plan is approved, WPL will become an indirect, wholly-owned subsidiary of Wheelock & Co.
The property firm is a Hong Kong incorporated company with limited liability, the shares of which have been listed in the country for more than 60 years. The firm is principally engaged in the ownership of properties for development, and leasing as well as investment holding. A significant portion of the firm's assets consist of for-sale investments.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more information visit Asset & Logo Licensing.
