Tuan Sing clinches remaining 50% stake in Grand Hotel Group for $146.6m

It operates two five-star hotels in Australia.

Mainboard-listed Tuan Sing Holdings Limited today revealed that it has signed an agreement with its joint venture partner, Morgan Stanley, to acquire the remaining 50% interest in Grand Hotel Group for a cash consideration of A$126.04 million.

For this purpose, a wholly-owned subsidiary “Tuan Sing Real Estate Pty Limited” and a private trust “Tuan Sing Real Estate Trust” have been established in Australia and Singapore respectively.

As at 31 July 2014, the unaudited net asset value of GHG was A$276.6 million. Upon completion of the transaction, Tuan Sing will have full interest and control in GHG which owns two five-star hotels in Australia, namely, Grand Hyatt Melbourne and Hyatt Regency Perth.

The transaction is expected to be completed before the end of the year, after all necessary approvals and consents from the relevant regulatory authorities and consortium banks have been obtained as well as upon the satisfaction of certain conditions precedent