Chairman raises stake in Hongkong and Shanghai Hotels to 49.93%

Published: 29 Oct 2009 20:24:50 PST

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Oct. 30, 2009 (China Knowledge) - Michael Kadoorie, chairman of The Hongkong and Shanghai Hotels Ltd<0045>, recently raised his shareholding in the company to 49.93% from the previous 49.79%, according to the bourse operator Hong Kong Exchanges and Clearing<0388>.

Information from HKEx showed that the chairman on Oct. 23 bought 2.12 million shares of Hongkong and Shanghai Hotels for a total of HK$21.9 million. The average share price of the transaction was HK$10.34 apiece.

The Hongkong and Shanghai Hotels is a holding company whose subsidiaries are engaged in the ownership and management of prestigious hotel, commercial and residential properties in key destinations in Asia and the U.S.

Shares of The Hongkong and Shanghai Hotels rose 2.46% to end at HK$10.84 yesterday.