The Board of Directors of Banyan Tree Holdings Limited ("BTH") wishes to announce that BTH's wholly-owned subsidiary, Banyan Tree Hotels & Resorts Pte. Ltd., has through its wholly-owned subsidiary, Hotelspa Pte. Ltd., acquired 100% equity interest in Banyan Tree Hotels (Cyprus) Ltd ("BTHC") for a total cash contribution of Euro 2,000 (approximately SGD 4,095).
BTHC, which is incorporated in the Republic of Cyprus, has an authorized and paid up capital of Euro 10,000 (approximately SGD 20,478) and Euro 2,000 (approximately SGD 4,095) respectively. The principal activities of BTHC are to provide management consultancy and hotel design services.