By P.R. Venkat
Wharf (Holdings) Ltd. has raised a total of $944 million by selling shares of Amazon.com and Facebook Inc.
The shares were sold in the open market in a series of transactions since August last year, the Hong Kong-listed conglomerate said late Monday.
Wharf said that stock market conditions in the past year presented an opportunity to capture the capital gains from its investment in Amazon shares and Facebook shares to further enhance its shareholders' value.
The company raised $503 million from selling 2.58 million shares of Facebook at an average price of $195. It also sold 2.23 million Amazon shares at an average price of $1,975, raising $441 million.
Wharf (Holdings) business interests include property, hotels and logistics.
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(END) Dow Jones Newswires
May 25, 2020 19:55 ET (23:55 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.