The Board of Directors of Banyan Tree Holdings Limited wishes to announce that its wholly-owned subsidiary, Banyan Tree Dunhuang (S) Pte. Ltd. has incorporated a wholly-owned subsidiary, Dunhuang Banyan Tree Hotel Company., Ltd ("DBT").
DBT, which was incorporated in the People's Republic of China, has a registered capital of US$10,000,000 and an initial paid-up capital of US$1,000,000. The principal activity of DBT is to develop, own and operate hotels and resorts in the People's Republic of China.
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.