Far East Orchard has signed a non-binding memorandum of understanding (MOU) with The Straits Trading Company (STC) to explore the proposed acquisition of STC’s entire hospitality management business.
STC’s hospitality management business currently operates hotels in Singapore, Australia, New Zealand and China. As part of the proposed transaction, STC will have the right to subscribe up to 20% of the share capital of the enlarged hospitality management company of FEOrchard.
Under the MOU, FEOrchard will also be exploring a proposed acquisition from STC and/or its subsidiaries of a 50% interest in three hotels in Australia, namely Rendezvous Studio Hotel Perth Central, Rendezvous Grand Hotel Melbourne and Rendezvous Hotel Perth.
Far East Orchard says it is currently evaluating the proposed transactions and the structure of the proposed transactions.
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