Hong Kong-based hotel company sells stake for $337m

Sir Michael David Kadoorie, GBS, who is a Hong Kong billionaire businessman and the chairman and 18 percent owner of CLP Group, Hong Kong's largest electricity producer, has plans to increase its stake in Hongkong and Shanghai Hotels from 59.98 percent to 72.43 percent through an off-market share purchase totaling HK$2.63 billion ($337.5 million), according to a filing with the Hong Kong stock exchange

Kadoorie is currently the chairman of the Hongkong and Shanghai Hotels, which operates the Peninsula hotel chain across the globe. It fully controls the property and brand in Hong Kong, Tokyo, New York, Chicago and Bangkok and has part ownership in Paris, Shanghai, Beijing and Manila, among others.