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Takeover?
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Nostradamus
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03-Oct-2006 17:34
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It rose to a 52-week high after its MD, Ong Beng Seng, purchased about 650,000 shares in the company in the open market last week, sparking speculation that Ong and his family may mount a takeover bid, dealers said. Ong's purchase of shares last week increased the interest he is deemed to have in Hotel Properties to 23.21% from 23.07%. In March, Wheelock Properties (Singapore) paid $1.80 sgd per share for GuocoLand Ltd unit FCC Holdings' 20.97% stake in Hotel Properties. Hotel Properties owns prime assets in the Orchard Road area here, including hotels such as the Hilton and Four Seasons. |
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