Pedro de Noronha rallies against Tsui Wah Hong Kong property deal

by Dramelin 5:00 PM 0 comments

Tsui Wah has about 4,175 employees and boasts a market value of about 1.93 billion Hong Kong dollars (roughly $250 million), according to data from FactSet. "Francis Lun, CEO of GEO Securities and long-time Hong Kong markets commentator, told CNBC that the property valuation "is suspect. "In his letter, the fund manager addressed various claims made by Tsui Wah in support of the deal. A spokeswoman for Tsui Wah released this statement to CNBC in response to a summary of Noronha`s concerns:We respect the views of different investors as different firms have different investment strategies. "Noster Capital is among the biggest minority shareholders of Tsui Wah, owning about 0.4 percent of the company, according to data reviewed by CNBC.