The Board of Directors of Banyan Tree Holdings Limited ("BTH") wishes to announce the following:-
1. That BTH has incorporated a wholly-owned subsidiary, Tibet Lhasa Banyan Tree Resorts Limited ("TLBTR").
TLBTR, which was incorporated in the People's Republic of China has a registered capital of US$7,600,000.000 and a minimum paid-up capital of US$1,400,000.00 which is to be injected by the Company. The principal activity of TLBTR is to develop and manage hotels in Lhasa.
2. That BTH's wholly-owned subsidiary, Banyan Tree Hotels & Resorts Pte. Ltd. has incorporated a wholly-owned subsidiary, Club Management Limited ("CML").
CML, which was incorporated in the British Virgin Islands has an authorized capital of US$50,000 and an issued and paid up capital of US$2. The principal activity of CML is to provide business management services and resort and hotel management and operation services and ancillary services related to the hospitality industry.
3. That BTH's associated company, Banyan Tree Seychelles Holdings Limited has acquired a shelf company, Jayanne International Limited ("JIL"), to be its wholly-owned subsidiary.
JIL, which was incorporated in the British Virgin Islands has an authorized capital of US$50,000 and an issued and paid up capital of US$2. The principal activity of JIL is that of an investment holding company.
DBS Bank Ltd and UBS AG, acting through its business group, UBS Investment Bank, were the joint global co-ordinators and bookrunners of the initial public offering of the shares in Banyan Tree Holdings Limited.