Billionaire Quek Makes HK$8.3 Billion Bid to Buy Out Guoco Group 2012-12-12 02:32:48.405 GMT
/*HK-listed Guoco Group owns 65.24% of Singapore's GuocoLand */
/*HK-listed Guoco Group owns 65.24% of Singapore's GuocoLand */
By Klaus Wille
Dec. 12 (Bloomberg) -- A group led by Malaysian billionaire Quek Leng Chan offered HK$8.3 billion ($1.1 billion) to take Guoco Group Ltd. private. Shares of the Hong Kong-listed developer surged.
The group is offering HK$88 a share, 25 percent more than Guoco’s closing price before the stock was suspended from trading on Dec. 4, according to a statement filed today by Guoco Group to the Hong Kong stock exchange.
The proposal would give Quek, who is chairman of Guoco Group, more control of Guoco’s 15 percent stake in Bank of East Asia Ltd., Hong Kong’s biggest family-run bank, worth about HK$9.5 billion. Guoco shares had fallen 2.4 percent this year before today, trailing a 21 percent gain in the benchmark Hang
Seng Index.
Guoco rose as much as 29 percent, heading for the biggest increase since April 2001, in early Hong Kong trading.
Today’s offer was made by a subsidiary of Hong Leong, which is 49.3 percent owned by Quek.
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