27th Sep 2013 17:27
LONDON (Alliance News) - Millennium & Copthorne Hotels PLC Friday said that its subsidiary, Millennium & Copthorne Hotels New Zealand Limited, has increased its investment in its associate company, First Sponsor Capital Limited, by USD33.42 million.
It said that the additional investment will take the form of new preference shares in First Sponsor Capital. It said that after the issue of the new preference shares, the Millennium & Copthorne Hotels group's holding will remain at approximately 34% of First Sponsor Capital Limited.
The company said that First Sponsor Capital Limited requires additional funding for further expansion, in particular the development of its properties in Chengdu, China.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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