Sun Hung Kai Matriarch Transfers Shares to Sons Thomas, Raymond
December 8, 2013 Leave a comment
Sun Hung Kai Matriarch Transfers Shares to Sons Thomas, Raymond
Sun Hung Kai Properties Ltd. (16)’s biggest shareholder, Kwong Siu-hing, transferred part of her holdings in the Hong Kong-based developer to sons and co-chairmen Thomas and Raymond Kwok, according to the family trust.Kwong, widow of Sun Hung Kai founder Kwok Tak-seng, gave 6.36 percent of the company’s shares each to the families of Thomas and Raymond Kwok, she said yesterday in a statement.
The share transfer comes as the two brothers, each with a net worth of $8.3 billion according to the Bloomberg Billionaires Index, prepare to face trial in May for allegedly providing bribes to the city’s former No. 2 government official. Adam and Edward Kwok, sons of Thomas and Raymond, were appointed deputy managing directors of the city’s second-biggest developer by value last year following the arrest of their fathers.
Kwong was holding a 43.43 percent stake in Sun Hung Kai through the family trust for Thomas, Raymond and their families, as well as for the family of her eldest son Walter Kwok. Walter was removed as a beneficiary in 2010 following a dispute. Each of the families were to get a third of that stake.
After the Nov. 29 transfer, Kwong’s holding in Sun Hung Kai fell to 30.79 percent, according to filings to the Hong Kong Stock Exchange. The interests of Walter’s family weren’t affected by the transfer, according to the family trust, indicating that his family will continue to have an interest equivalent to a third of the original stake.
To contact the reporter on this story: Kelvin Wong in Hong Kong at kwong40@bloomberg.net
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