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Article: SINGAPORE'S RAFFLES HOLDINGS TO DIVEST STAKE IN RAFFLES CITY.
- Article from:
- AsiaPulse News
- Article date:
- June 5, 2001
CopyrightCOPYRIGHT 2001 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SINGAPORE, June 5 Asia Pulse - Raffles Holdings Limited announced that it has entered into a Sale & Purchase agreement with Tincel Limited (Tincel) to divest 55 per cent of its 100 per cent stake in Raffles City (Private) Limited (RCPL), which owns the Raffles City Complex for S$984.5 million (US$544 million) cash.
Raffles Holdings said it will realize a net gain of S$350 million from the divestment, which is expected to be completed by mid-June 2001.
The proceeds from the divestment will be used to fund Raffles Holdings' acquisition of Swissotel Hotels & Resorts, repay borrowings and for working capital purposes.
On 23 April 2001, Raffles ...