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Banyan Tree and China Vanke have established Banyan Tree Assets (China), a 50/50 joint venture incorporated in Singapore.
BTAC holds a 40 per cent stake in each of Banyan Tree’s operating companies incorporated in Singapore, Banyan Tree Hotel Management (China) and Banyan Tree Services (China) respectively.
The illustrative financial effect of the abovementioned transactions on the net profits attributable to shareholders of Banyan Tree (as reflected in the latest unaudited financial statements of Banyan Tree for the six months ended June 30th) will amount to approximately S$39 million.
BTAC will be a company with net tangible assets value of approximately S$100 million, and the intention is for it to become a sizeable company by acquiring or developing hotels and resorts in China bearing the Banyan Tree brands.
Banyan Tree will also allot and issue new shares equivalent to approximately 4.99 per cent equity stake in Banyan Tree to Vanke for an amount of approximately S$24 million, with an additional issuance and options that will enable Vanke to acquire in aggregate a ten per cent equity stake in Banyan Tree.
Sоurсе: breakingtravelnews.com
, a 50/50 joint venture incorporated in Singapore. BTAC holds a 40 per cent stake in each of Banyan Tree’s operating companies incorporated in Singapore, Banyan Tree Hotel Management (China)… "Pin It")