Posts Tagged ‘Guoco Group’
American Airlines Bankrupt, Malaysian billionaire losing $ 88 Million Dollars
Millionaire Malaysia, Tan Sri Quek Leng Chan became ‘victims’ of the bankruptcy of American Airlines. Quek could lose its investment to $ 772 billion because of the bankruptcy of American Airlines.
Quek who controls the Hong Leong Group and Guoco known to buy 7.3% stake in AMR Corp., parent of American Airlines three months ago. American Airlines parent AMR Corp. and registering bankruptcy on Tuesday, November 29 last.
According to news reported by The Star, Friday (12/02/2011), Quek bought 24.4 million shares of AMR through a listed company in Hong Kong Guoco Group Ltd and related companies.
Through its website, Guoco Group said the investment includes a global stock market is made to increase the capital value of the company’s vision in line to get superior returns over the long term for shareholders.
It is not yet clearly known how exactly the value of the shares bought Quek. However, based on the closing price on August 15, worth an estimated U.S. $ 92.2 million or about U.S. $ 3.78 per sheet.
Well, on Tuesday, shares of AMR recorded dropped to 26 cents per share after announcing its bankruptcy protection. AMR shares fell by 93.12% recorded since August 15, or after the purchase by the Quek.
Thus, Quek potentially losing up to U.S. $ 85.88 million or around Rp 772 billion.
American Airlines, which is the third largest U.S. airline registering for bankruptcy protection on Tuesday, November 29 and then after failing to make a profit since 2007. American Airlines recorded assets up to U.S. $ 24.7 billion and debt of U.S. $ 29.6 billion, with a staff of about 88,500 people.
Large shareholders other American Airlines is Primecap Management Co., an investment firm based in Pasadena, California which controls 12.30% shares. Also ICC Capital Management from Orlando, Florida at 7.49% and Capital World Investors of 7.40%.
Quek, born in Singapore in 1941, lined up to star as Malaysia’s richest man by Forbes magazine. With a fortune of about U.S. $ 4.8 billion, Quek was in a position to-5. Apart from the Hong Leong Group in Malaysia, the greatest wealth came from Guoco Group Quek.