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’s been a rallying of the market with the latest REINZ data showing both sales volumes and median house prices noticeably up with the onset of Spring.
There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
LVR speed limits continue to have a "strong effect" on investors, according to CoreLogic, after the latest Reserve Bank data showed a drop in investor borrowing.