Corporate digest

Hong Fok Corporation

PROPERTY developer Hong Fok Corp (HFC) on Monday said its 42.33 per cent unlisted associate company Hong Fok Land International (HFL) plans to buy back all of its own shares at HK$0.55 (S$0.095) per HFL share.

HFC has undertaken not to accept the share buyback offer for any of the HFL shares, which means that its interest in HFL may increase to more than 50 per cent after the buyback, in which case HFC will become a holding company of HFL. HFC will seek a whitewash waiver to avoid having to make a general offer for HFL if that happens.