Tuan Sing to buy over Aussie hotel associate
Completion of deal worth A$126m seen before year-end
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TUAN Sing Holdings on Wednesday said that it would buy the 50 per cent stake in Australia's Grand Hotel Group (GHG) belonging to joint venture partner Morgan Stanley, for A$126.04 million (S$147.38 million) .
If the deal goes through, Tuan Sing, which already owns half of GHG, will have full control over the Australian group, which owns two five-star hotels in Australia - 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.
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