28th Aug 2014 16:02
LONDON (Alliance News) - Millennium & Coprthorne Hotels PLC Thursday said the proposed sale of its 34% stake in the Tanglin Shopping Centre in Singapore was not approved by the other shareholders in the retail complex.
In November last year, the hotel chain said it was planning to sell its stake in the Tanglin Shopping Centre in Singapore. The company's subsidiary, King's Tanglin Shopping Pte Ltd, owns a 34% interest in the shopping centre, which includes 83 retail units and a 325-space car park. At the time, it said it had signed a collective sale agreement, although the process was at a very preliminary stage and was conditional depending on the approval of the other owners.
In a statement Thursday, the company said the other shareholders did not support the sale, and the collective sale agreement has now expired.
"The collective sale agreement for the sale of the Tanglin Shopping Centre has expired since the requisite number of owners did not approve the listing and sale of the property by 27 August 2014. A further announcement on the Tanglin Shopping Centre will be provided as and when appropriate," the company said in a short statement Thursday.
Shares in the hotel chain closed at 582.50 pence Thursday, down 1.3%.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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