The Board of Directors of Banyan Tree Holdings Limited wishes to announce that its wholly-owned subsidiary, Banyan Tree Hotels & Resorts Pte. Ltd., has through BT Investments Holdings Phils. Inc. ("BIHPI") incorporated a subsidiary known as "Diwaran Resorts Phil. Inc." ("DRPI").
DRPI, which is incorporated in the Philippines, has an authorised capital of Philippines Pesos ("PhP") 161,250,000 (approximately US$3,301,935). BIHPI's investment in DRPI will amount to PhP96,750,000 (approximately US$1,980,755) comprising 60% of the total subscribed and paid up capital of DRPI.
The principal activity of DRPI is that of an investment holding company.