December 4, 2017 / 5:39 AM / a year ago

Wanda Hotel says founder Wang Jianlin's wholly-owned unit to become No.1 shareholder

HONG KONG, Dec 4 (Reuters) - Wanda Hotel Development Co said on Monday 65.04 percent of its issued shares will be transferred to a wholly owned unit of billionaire founder Wang Jianlin at HK$1.20 a share in the company’s latest proposed reorganization.

Wang’s direct holding in Wanda Hotel will increase after Wanda Investment Holding Co Ltd becomes the largest shareholder. The largest shareholder at present is Wanda Commercial Properties Overseas Ltd, which is majority-owned by Wang.

The deal is worth about HK$3.59 billion according to a Reuters calculation.

Wanda Hotel shares rose to as high as HK$1.67 after the announcement, extending their daily gain to over 16 percent. Wanda shares have jumped nearly 50 percent since last Monday’s close.

In August, Wanda Hotel, a unit of Chinese conglomerate Dalian Wanda Group, announced it planned to buy assets worth over $1 billion, including theme park operator Wanda Culture Travel Innovation Group Co Ltd and hotel operator Wanda Hotel Management (Hong Kong) Co Ltd, from sister companies controlled by Wang Jianlin. (Reporting by Clare Jim; editing by Richard Pullin)

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