Asia’s richest tycoon announces business empire overhaul

popular .

ISIS leader beheaded in Syria—monitor

Thailand to begin impeachment hearing of ousted PM

Consuls in NLEx accident want bus firm suspended

Bilibid grenade attack kills 1, hurts 19

CA affirms Celdran's conviction in 'Damaso' act

Financial Times ed calls Charlie Hebdo ‘stupid,’ draws flak

Police officer dies in shooting at Paris' edge, amid tension

Millions expected to join traslacion of Black Nazarene

videos

Devotees of the Black Nazarene flock to Quirino Grandstand

Vigils in Latin America pay tribute to Paris attack victims

France attack suspect gives up; police hunting 2 others

Black Nazarene devotees share stories of healing

Osmeña: Ombudsman should suspend Alcala

HONG KONG — Hong Kong billionaire Li Ka-shing, who has been Asia’s richest person for nearly two decades, Friday announced a reorganization of his sprawling ports-to-mobile phone conglomerate into two new listed companies.

Li and members of his family control Hong Kong-listed Cheung Kong and its affiliate Hutchison Whampoa. Through a series of stock transactions, the conglomerate will be rebirthed as a company overseeing all of its real estate assets and a second company for non-property businesses.

The 86-year-old Li said in a statement that the reorganization was a “watershed” moment which will result in better returns for shareholders. Investors dislike the existing corporate structure because it lumps together diverse businesses, making them hard to value.

The announcement also foreshadows a change in leadership, with Li expected to eventually hand the reins to his eldest son Victor.

Li has a fortune of $33.5 billion, according to Forbes. He is nicknamed Superman in Hong Kong for his money making abilities. His businesses operate in more than 50 countries and employ 270,000 people.

• Tags:




• Asia




• billionaire




• Business




• Hong Kong




• Li Ka-shing




• tycoon

Related Stories:

• Australia investigates ‘paedophile’ father in Thai baby scandal


• Bangladesh ferry owner faces charges in sinking


• Bangladesh ferry owner faces charges in sinking


• Bangladesh ferry owner faces charges in sinking


• Bangladesh ferry owner faces charges in sinking


• Bangladesh ferry owner faces charges in sinking


• Bangladesh ferry owner faces charges in sinking


• Bangladesh ferry owner faces charges in sinking

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.

Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:

c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94

seo tools