Business briefing

HPL selling entire Pinedale stake to General Mills Asia

HOTEL Properties Ltd (HPL) is divesting its entire 49 per cent interest in Pinedale Holdings, comprising 245,000 ordinary shares, to General Mills Asia. HPL will also be selling the shareholder's loan made by it to Pinedale Holdings to General Mills Asia. The total consideration is S$15 million, and will result in an increase in earnings per share of the HPL group from 33.19 Singapore cents to 35.79 Singapore cents based on the audited consolidated accounts for the year ended Dec 31, 2013.

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