Wheelock Properties (Singapore) says it has purchased 1,066,000 shares in SC Global Developments at the price of about $1.81 from the open market. As a result of such purchases, Wheelock holds 16.09% of SC Global shares.
“In our assessment, the current share price represents a discount of some 40-50% of RNAV, and we would be unable to buy property assets directly at anything like these prices,” says Tan Bee Kim, Senior Executive Director at Wheelock, in an SGX filing.
On Dec 5, SC Global Chairman and CEO Simon Cheong made a voluntary unconditional cash offer through MYK Holdings Pte. Ltd. for all remaining issued ordinary shares of SC Global at $1.80 a share.
Wheelock Properties (Singapore) is a subsidiary of Wheelock and Company, a major Hong Kong group whose core businesses are property and hotels, container port operations and communications, media and entertainment.
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