The Board of Directors of Banyan Tree Holdings Limited ("BTH") wishes to announce that its 80% owned indirect subsidiary, Triumph International Holdings Limited ("Triumph") had acquired the remaining 0.68% equity interest in its subsidiary, Gyalthang Dzong Hotel ("GDH") from an unrelated third party, resulting in GDH becoming Triumph's wholly-owned subsidiary ("Acquisition").
GDH, which is incorporated in the People's Republic of China ("PRC"), has a registered and paid-up capital of RMB8,800,000/- (approximately S$1,970,000/-) and is principally engaged in the business of a hotel operator in the PRC.
The consideration for the Acquisition amounted to RMB60,000/- (approximately S$13,420/-). The consideration was arrived at on a willing-buyer, willing-seller basis, and was paid in cash from internal resources. GDH has a net liability value of RMB12,838/- (approximately S$2,880/-) and the consideration paid is taken as goodwill arising on consolidation.
The Acquisition does not have any material impact on the net earnings per share and net tangible asset per share of BTH for the financial year ending 31 December 2008.
None of the Directors or controlling shareholders of BTH has any interest, direct or indirect, in the Acquisition.