Wanda Hotel says founder Wang Jianlin's wholly-owned unit to become No.1 shareholder

Wanda Hotel Development

04/12/2017 05:35

HONG KONG, Dec 4 (Reuters) - Wanda Hotel Development Co 
 0169.HK  said on Monday 65.04 percent of its issued shares will 
be transferred to a wholly owned unit of billionaire founder 
Wang Jianlin at HK$1.20 a share in the company's latest proposed 
reorganization. 
    Wang's direct holding in Wanda Hotel will increase after 
Wanda Investment Holding Co Ltd becomes the largest shareholder. 
The largest shareholder at present is Wanda Commercial 
Properties Overseas Ltd, which is majority-owned by Wang.     
    The deal is worth about HK$3.59 billion according to a 
Reuters calculation.  
    Wanda Hotel shares rose to as high as HK$1.67 after the 
announcement, extending their daily gain to over 16 percent. 
Wanda shares have jumped nearly 50 percent since last Monday's 
close. 
    In August, Wanda Hotel, a unit of Chinese conglomerate 
Dalian Wanda Group, announced it planned to buy assets worth 
over $1 billion, including theme park operator Wanda Culture 
Travel Innovation Group Co Ltd and hotel operator Wanda Hotel 
Management (Hong Kong) Co Ltd, from sister companies controlled 
by Wang Jianlin.  urn:newsml:reuters.com:*:nL4N1KW19O 
 
 (Reporting by Clare Jim; editing by Richard Pullin) 
 ((clare.jim@thomsonreuters.com; +852 2912 6653; Reuters 
Messaging: clare.jim.thomsonreuters.com@reuters.net)) 
 
Keywords: WANDA HOTEL RESTRUCTURING/