Hongkong and Shanghai Hotels (0045) said it will acquire the other 50 percent stake in a joint venture that operates the Peninsula Bangkok and the Thai Country Club, at HK$546 million of cash and half of the stake in the Thai Country Club and its land parcels. After the deal is completed, the Peninsula Bangkok will be wholly owned by the company, which will be fully responsible for and control over the development, management and future operations of the Peninsula Bangkok and its surrounding land, and will cease to have any responsibility for the development, management and future operations of the Thai Country Club and its land parcels. The luxury hotels operator said the restructuring is in line with its main business of hotel ownership and management and reflects the desire of the company and the Phataraprasit Shareholders to resolve all current and contingent dispute.

Source: The Standard August 28, 2020 05:37 UTC