HOTEL ROYAL LIMITED
(Incorporated in the Republic of Singapore)
(Co. Reg. No. 196800298G)
THE PROPOSED ACQUISITION OF ROYALE CHULAN BUKIT BINTANG HOTEL
AND ITS BUSINESS IN KUALA LUMPUR, MALAYSIA
Where capitalised terms are used in this announcement and not otherwise defined, such capitalised terms shall bear the same meanings as ascribed to them in the Company's announcements dated 19 February 2019, 23 February 2019, 15 March 2019, 3 July 2019, 5 July 2019, 30 August 2019, 5 December 2019, 12 March 2020, 20 May 2020, 5 October 2020, 9 December 2020, 30 December 2020, 29 January 2021 and 22 February 2021 ("Announcements") relating to the proposed acquisition of Royale Chulan Bukit Bintang Hotel in Kuala Lumpur, Malaysia ("Proposed Acquisition").
The Board of Directors (the "Board") of Hotel Royal Limited (the "Company", and together with its subsidiaries, collectively the "Group") refers to the Announcements on the Proposed Acquisition and wishes to update the shareholders that the final payment of the New Consideration amounting to RM15.76 million ("Final Payment") has been released to the Vendor's Solicitors today.
The Vendor's Solicitors will release part of the final payment amounting to RM12.76 million to the Vendor after the Conditions Subsequent (as defined in the Supplementary SPA and includes procuring necessary licences and permits relating to the Property) are fulfilled by the Vendor before 1 July 2021. The balance RM3 million from the final payment will be used to pay for the mechanical and engineering rectification works carried out / to be carried out on the Property.
The Company will make further announcement(s) as and when there are material developments in relation to the Proposed Acquisition.
BY ORDER OF THE BOARD
Dr Pang Eng Fong
Chairman
19 March 2021
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