The Board of Directors of Banyan Tree Holdings Limited wishes to announce that it has incorporated a new wholly-owned subsidiary in Singapore known as Banyan Tree China Holdings Pte. Ltd. ("BTCH").
BTCH has a paid-up capital of S$1.00. The principal activity of BTCH is that of an investment holding company.
The above transaction is not expected to have any material impact on the net tangible assets or earnings per share of BTH for the financial year ending 31 December 2009.
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.