Hong Kong-listed stock and property investor Lee Hing Development has taken control of Singapore-based luxury hotel chain Amanresorts for US$102.05 million in cash.
Shares in Lee Hing, which is 36 per cent-controlled by Singapore-listed private hospital operator Parkway Holdings, closed unchanged yesterday at HK$2 after resuming trade.
Lee Hing has, through its subsidiary Sinonet Holdings, acquired a 91 per cent interest in Argent Holdings from a third party Credicom Asia.
Argent is an investment holding company which has a 62 per cent interest in Silverlink Holdings, which owns, partly or wholly, and operates the Amanresorts chain of upmarket hotels.
The 11 Amanresorts hotels are in Asia, Europe, North America, Africa and the South Pacific.
Amanresorts was founded by Adrian Zecha, who is reportedly set to return to the group after a battle for control prompted his departure in 1998. The first resort, Amanpuri, was opened in 1988 in Phuket, Thailand.
Lee Hing funded the acquisition, which was completed last Thursday, with US$60 million of bank borrowings and US$42.05 million from internal resources.