Subscribers

PCRD urged to make 'truly fair' bid in the event of privatisation

Call made by an institutional investor as stake held by Richard Li-controlled vehicles tops 86%; PCRD has clarified in May that it was not aware of any privatisation proposal

Singapore

NOTING that Pacific Century Regional Developments (PCRD) was "reducing its free float rapidly" and appeared to be headed for privatisation, an institutional investor has called for a "truly fair" offer to be made to minority shareholders in the event of a delisting.

The call comes as vehicles controlled by Richard Li, son of Hong Kong tycoon Li Ka-shing, saw their stakes in the mainboard-listed investment holding group move close to the 90 per cent delisting threshold. PRCD are now also hovering at a near 13-year high.

But there appears to be no certainty of a privatisation. PCRD, responding on May 2 to an article in BT in April ("Pacific Century headed for delisting"), had said: "The...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes