Shares in Wheelock (0020) surged today after the group announcement a privatization by the Woo family. Wheelock and Wharf (0004) said Admiral Power, backed by Peter Woo Kwong-Ching, chairman of Wheelock and Wharf offers to privatize Wheelock at premium 52.2 percent. Shareholders will be distributed one share of Wharf Real Estate Investment (1997) and one share of Wharf. Shares of Wheelock resumed trading after midday and once surged by 48.1 percent to HK$70. Shares of Wharf REIC dropped and Wharf has continued to suspend trading.

Source: The Standard February 27, 2020 06:26 UTC