Hongkong Land Is Said to Weigh Sale of Singapore Developer MCL [Yahoo! Finance Canada]
JARDINE MATHESON UNSP/ADR (JMHLY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg The Jardine Matheson-backed firm, which owns 100% of MCL Land, is seeking to divest the Singapore-based company at a premium to its book value of S$1.1 billion ($820 million), said the people, asking not to be identified as the process is private. Hongkong Land is speaking with prospective financial advisers to help prepare for a transaction, the people said. Hongkong Land's Singapore-listed stock erased earlier losses and closed 4% up on Thursday, the biggest gain in a month. The shares have climbed 35% this year, giving the company a market value of roughly $10.3 billion. Deliberations are ongoing and Hongkong Land could still opt to keep the assets, the people said. A representative for Hongkong Land declined to comment, while MCL Land didn't immediately respond to requests seeking comment. Hongkong Land said in late October it plans to forgo residential development in a move that will eventually see it set up real estate investment trusts. It ai
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