New York fund manager Third Avenue has sold its entire stake in hotel and resorts investor GuocoLeisure (formerly Brierley Investments) in a series of transactions last week.Shares in GuocoLeisure [GLL:NZX], which is dual listed on the New Zealand and Sin
New York fund manager Third Avenue has sold its entire stake in hotel and resorts investor GuocoLeisure (formerly Brierley Investments) in a series of transactions last week.
Shares in GuocoLeisure [GLL:NZX], which is dual listed on the New Zealand and Singapore stock exchanges, closed unchanged at 70c on the NZX yesterday.
Third Avenue became a substantial shareholder in July 2005 after the purchase of an initial 78.2 million shares or 5.7% at S1.20 each.
The group then increased its stake to 11.6% before it began selling last year. Before last week’s sell down Third Avenue had controlled 9.2% of the voting stock in GuocoLeisure.
Malaysian billionaire Quek Leng Chan, head of multinational conglomerate Hong Leong Group Malaysia, owns 57.2% of the company.
There has been speculation that Mr Quek may look to privatise the company.
GuccoLeisure is due to report first half profit shortly. Net profit for the three months to September 2009 fell 32.2% to $16.7 million.
