CDL seeks full control of property firm
Thursday 29 April 2004
Listed hotel operator CDL Hotels has moved to tidy up its convoluted company structure through a $21.3 million full takeover offer for its property development subsidiary, Kingsgate International.
By The LandlordAuckland-based CDL is joining Kingsgate's other significant shareholder, private Singapore investment firm Tai Tak Securities, in a takeover bid.
If the bid is successful, Kingsgate would be delisted from the NZX.
Under the proposal, KIN Holdings, a company owned jointly by CDL and Tai Tak, is offering 32c a share for the 67.7 million shares in Kingsgate - 17.2 per cent of the company - which the two companies do not already own.
Read More - Opens in a new window
Commenting is closed
There is no rush of investors looking to sell their properties in the post-Covid-19 market, according to the second joint survey from REINZ and economist Tony Alexander.
Global ratings agency Standards & Poors is the latest to join the chorus of predictions around potential house price falls in New Zealand – and they’re picking a 10% drop.
The New Zealand property market has emerged strongly out of lockdown, according to mortgage advisers, who say they are busy as ever this winter.