Blue-chip conglomerate Wharf (0004.HK) and its controlling parent Wheelock & Co. (0020.HK) said after markets closed Monday that the Hong Kong stock Exchange has approved their proposed spin-off and separate listing of commercial-property assets in Hong Kong.
The proposed spin-off and separate listing of Wharf Real Estate Investment Co. will be implemented through distribution by Wharf of the Wharf REIC's shares to the qualifying Wharf shareholders, the two listed companies said in a joint statement.
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Wharf plans to distribute Wharf REIC's shares on the basis of one Wharf REIC's share for every Wharf's share held by existing shareholders. Wharf REIC invests in retail, office and hotel properties in Hong Kong.
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(END) Dow Jones Newswires
September 04, 2017 20:48 ET (00:48 GMT)