Wheelock accepts Simon Cheong's offer

Wheelock accepts Simon Cheong's offer

http://www.businesstimes.com.sg/prem...offer-20130117 Published January 17, 2013 Wheelock accepts Simon Cheong's offer Surprise move means SC Global chairman can take developer private By Mindy Tan SC GLOBAL Developments' chairman and chief executive Simon Cheong has succeeded in his bid to take the luxury developer private, thanks to a surprise move by Wheelock Properties to sell its entire 17.9 per cent stake to him. Wheelock said in a statement issued yesterday that it was disposing of its stake "in light of recent market developments and new investment opportunities" and that it "will in due course reinvest the proceeds in alternative projects". It added that it was awarded a large residential site in Ang Mo Kio Avenue 2 for $550 million last week and "would be focusing its attention to make it one of the most distinctive homes in the Ang Mo Kio area". For Mr Cheong, y...

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