Banyan Tree increases stake in Laguna Resorts & Hotels to 86%

BANYAN Tree Holdings said on Tuesday that it has increased its stake in subsidiary Laguna Resorts & Hotels to 86.3 per cent following a voluntary tender offer for all shares it does not own in the Thai-listed unit.

Banyan Tree received acceptances from shareholders representing approximately 34 million Laguna shares or approximately 20.53 per cent of the total issued share capital at the end of the tender period (April 9), the company said in a filing with the Singapore Exchange on Tuesday evening.

Following the acquisition, Banyan Tree will continue to hold about 45 per cent of Laguna directly while its subsidiary Banyan Tree Resorts & Spas (Thailand) has increased its stake to 30 per cent.

In February 2018, Banyan Tree made a 40 Thai baht offer for each of the remaining shares it does not already own in Laguna but said it has no plans to delist the company.

The offer price represents a 34 per cent premium to the last traded price of Laguna Resorts & Hotels of 29.75 baht immediately preceding the date of the tender offer on Feb 26.

Banyan Tree shares ended S$0.015 or 2.6 per cent up at S$0.595 on Tuesday.