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Restructuring Of Hotel Operating Subsidiaries
BackDec 01, 2014
| Announcement Title | General Announcement |
| Announcement Subtitle | RESTRUCTURING OF HOTEL OPERATING SUBSIDIARIES |
| Securities | UNI-ASIA HOLDINGS LIMITED (UNIASIA) |
| Date & Time of Broadcast | Dec 1, 2014 17:04 |
| Submitted By | Lim Kai Ching CFO |
| Effective Date and Time | Dec 1, 2014 17:00 |
| Description | The Board of Directors (the "Directors") of Uni-Asia Holdings Limited (the "Company" and together with its subsidiaries, the "Group") would like to announce a restructuring of its hotel operating companies under Uni-Asia Hotels Limited ("Uni-Asia Hotels"), a wholly owned Hong Kong-incorporated subsidiary, by way of amalgamation of two hotel operating companies (the "Group Restructuring"). 1. The Group Restructuring. On 1 December 2014, Vista Hotel Management Co., Ltd. ("Vista Hotel Management"), a wholly owned subsidiary of Uni-Asia Hotels, completed a merger with Vista Hotel Management's wholly owned subsidiary, Sun Vista Co., Ltd. ("Sun Vista") to integrate the Group's hotel operating business in Japan. The merged entity is called "Vista Hotel Management Co., Ltd." and will act as the headquarters of the hotel operating business of the Group in Japan. Currently, the Group operates 9 hotels in Japan. 2. Rationale of the Group Restructuring. The purpose of the Group Restructuring is to improve the efficiency of the Group's hotel operations by streamlining the Group's hotel operating business. 3. Financial Effects. The Group Restructuring will not affect the consolidated book value and net tangible assets of Vista Hotel Management Co., Ltd. or the Group as a whole for the current financial year. The Group Restructuring is also not expected to have any material impact on the net tangible assets per share, earnings per share and operating results of the Group for the current financial year. For and on behalf of Uni-Asia Holdings Limited 1 December 2014 |
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