HHC - Howard Hughes to implement holding company reorganization
2023-07-17 09:55:07 ET
Howard Hughes ( NYSE: HHC ) said Monday its board has authorized the real estate developer to create a newly incorporated holding company structure to provide additional flexibility for future investments and to segregate assets and related liabilities.
The holding company -- The Howard Hughes Holding Corporation -- will become the new parent company of Howard Hughes ( HHC ) and replace it as the company that is publicly traded on the New York Stock Exchange.
Existing HHC shares will be automatically converted, on a one-for-one basis, into shares of common stock of The Howard Hughes Holding Corporation, which will retain the same ticker symbol.
The reorganization -- expected to take effect Aug. 11, 2023 -- is intended to be a tax-free transaction for U.S. federal income tax purposes for the company's stockholders.
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Howard Hughes to implement holding company reorganization