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2007-2-21 05:29:00 p.m. HKT, XFNA
Hong Kong's Regal Hotels applies for REIT offering
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HONG KONG (XFN-ASIA) - Regal Hotels International Holdings said it has
filed applications with the Securities and Futures Commission (SFC) and the
Stock Exchange of Hong Kong for the initial public offering of its real
estate investment trust.
It said in a statement its proposed REIT offering will consist of five of
its Hong Kong hotels worth about 12.5 bln hkd.
About 6 bln hkd of the expected proceeds will be used to buy units in the
REIT, while 4.35 bln will go to repay debts, it said, adding that the
remaining 2 bln will be used for general working capital purposes.
Regal Hotels will own 50 - 72 pct of the REIT following the proposed spin
off, with the public holding the rest.
The company said it plans to distribute to shareholders at least 90 pct
of the profits to be generated from the REIT hotels, namely the Regal Airport
Hotel on Lantau island, Regal Hongkong Hotel in Causeway Bay, Regal Kowloon
Hotel in Tsim Sha Tsui district, Regal Oriental Hotel in Kowloon city and
Regal Riverside Hotel in Shatin.
(1 usd = 7.8 hkd)
leonora.walet@xfn.com
lw/net xfnlwm/xfnnt
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