Far East Orchard Limited completes restructuring

The company shall no longer be known as Orchard Parade Holdings Limited.

The Board of Directors of Far East Orchard Limited announced that the restructuring of the company involving the REIT transaction and the asset swap transaction has been completed.

The company said it had acquired 330,000 ordinary shares or a 33% interest in the share capital of FEO Hospitality Asset Management Pte. Ltd., the manager of Far East Hospitality Real Estate Investment Trust, and 33 ordinary shares or also a 33% interest in the share capital of FEO Hospitality Trust Management Pte. Ltd., the trustee-manager of Far East Hospitality Business Trust.

Far East Orchard Limited had also subscribed for an additional 366,300 ordinary shares in the share capital of the REIT Manager and continues to maintain its shareholding percentage of 33% in the REIT Manager.

Meanwhile Jelco Properties Pte Ltd, the wholly-owned subsidiary of Far East Orchard Limited, had acquired 45 units of medical suites in Novena Medical Center pursuant to the Property Sale and Purchase Agreement entered into between Jelco and Novena Point Pte Ltd dated 27 August 2012.

In addition, Jelco had acquired 48 units of medical suites in Novena Specialist Center pursuant to the Property Sale and Purchase Agreement entered into between Jelco and Transurban Properties Pte. Ltd.

Far East Orchard Limited, through Jelco, had also acquired  the Hospitality Management Business from Far East Hospitality Services Pte Ltd pursuant to the Business Transfer Agreement dated 27 August 2012 which includes the transfer of the hospitality management agreements from FEHS and certain employees including the key executives employed by FEHS in connection with the Hospitality Management Business.