Wheelock, HPL trading halt fuels market talk
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Kalpana Rashiwala
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SHARE trading in both Wheelock Properties (S) and Hotel Properties Ltd (HPL) was halted yesterday, sparking market speculation on what is afoot for the companies. Wheelock has a one-fifth stake in HPL.
Among the few scenarios swirling in the market yesterday, one has it that HPL could be taken private. Alternatively, say market watchers, a long-speculated scenario may finally start to play out: Wheelock could participate in a co-development of some of HPL's prized assets in the Orchard Road belt: such as the Hilton and Four Seasons hotels, Forum and HPL House.
This speculation has been fuelled on and off ever since Wheelock acquired a 21 per cent stake in HPL in 2006 from GuocoLand. It paid $1.80 per HPL share for a total of $171.4 million.
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