1 plu January
>
£
Negotiations
rawing near?
32
BIG RUSH FOR TUNNEL SHARES
By PETER COOK
UMOURS about a go-ahead for Hongkong's Cross-Harbour Tunnel have resulted in a $21 million buying rush in shares of the two tunnel companies on the Stock Exchange:
But a spokesman for Wheelock Marden and Co Ltd, .one of the two companies; today repeated a "no comment" when asked if there was any fact behino the speculation.
Wheelock Marden has had 138,000 shares tran- sacted at prices which have soared from yester- day's opening $9.85 to $10.30.
In two hours this morn- ing, 63,000 Wheelocks were bought and business tran sacted. since yesterday had reached $1,380,000 by today's midday close.
The other big industrial group behind the tunnel plan, Hutchison Inter- national, enjoyed a similar share boom.
Total buying over the two-day period was $1,110,- 000 with $360,000 worth of business in the $13 shares taking place this morning.
Plans to build the tun-
nel reached deadlock last year when talks with the British contractors, Kiek - and Costain, were broken off. །
This followed Britain's insistence on a guaranteś? from the tunnel sharehold ers including the Hong- kong Government to re- pay a loan from the Export Credits Guarantee Depart-
ment.
S
CONTRACTORS
Later statements said negotiations would continue with other parties.
Contractors from the United States' were among the, companies who origin- ally tendered to build the tunnel.
One possible reason the share rush over 斧 last two days may be : rumour that Jardines w
involved.
The locoby to Eg), BET, FO
1.
•
No comments yet.
Private notes are available after approval.