Singaporean tycoon, Wheelock to buy Hotel Properties for $1.4b

Large shareholders go on asset-buying spree.

According to a report by Reuters, a consortium that includes Singapore tycoon Ong Beng Seng and Wheelock Properties (Singapore) Ltd (WPSL.SI) offered on Tuesday to buy Hotel Properties Ltd (HPPS.SI) for S$3.50 per share, valuing the company at around S$1.8 billion ($1.4 billion).

The move is the latest in a string of acquisitions in Singapore by large shareholders seeking to take advantage of what they see as attractive valuations to gain full control of property assets.

Read full report here.

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