Chairman raises stake in Hongkong and Shanghai Hotels to 50.02%

Published: 03 Nov 2009 20:23:43 PST

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Nov. 4, 2009 (China Knowledge) - Michael Kadoorie, chairman of Hongkong and Shanghai Hotels Ltd<0045> recently raised his shareholding in the company to 50.02% from the previous 50.01%, according to the bourse operator Hong Kong Exchanges and Clearing<0388>.

Information from HKEx showed that Kadoorie on Oct. 29 bought 61,500 shares of Hongkong and Shanghai Hotels for a total of HK$655,344. The average share price of the transaction was HK$10.66 apiece.

On Oct. 23, the chairman increased his stake in his company to 49.93%, buying 2.12 million shares at HK$10.34 apiece.

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 Hongkong and Shanghai Hotels dropped 1.82% to end at HK$10.8 yesterday.