FAQs
 
[Last Updated on 27/09/2017]

Q1

What will be the strategy of Wharf after the proposed spin-off?

A1

Wharf will be focusing on investment properties and development properties in China going forward, and expecting continuous contribution from its development properties in Hong Kong, investment in logistic and hotel businesses.


Q2

Is there any further plan on divestment / spin-off?

A2

There is no such plan at the moment.


Q3

What is the ownership structure of Wharf post spin-off?

A3

Wharf is currently a 62%-owned subsidiary of Wheelock & Company Limited (0020.HK). We are not aware of any intention of Wheelock at the moment to change its position in Wharf post spin-off.


Q4

What is the expected leverage of (remaining) Wharf after the proposed spin-off?

A4

Wharf is expected to be in net cash position after the spin-off. Please refer to the Joint Announcement of Wheelock and Wharf dated September 4 2017 for further details.


Q5

What is the rating target of the (remaining) Wharf? What is the expected impact on Fitch's A- rating on Wharf at the moment?

A5

Wharf is not officially rated at the moment except in Mainland China. There is no current plan to engage any rating agency for any formal rating.


Q6

What will happen to the existing bonds of Wharf after the proposed spin-off?

A6

Existing bonds will continue to be guaranteed by The Wharf (Holdings) Limited (0004.HK) after the spin-off. Terms and conditions of the existing bonds, in particular their status and guarantee as stipulated in the relevant offering circulars under the Wharf MTN program, shall remain unchanged.




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