News

The Board of Directors of ASB wishes to announce that the transfer by Changshu Holiday Villa Hotel Management Co. Ltd. (“Changshu HV”) of its entire holding in 上海豪立纬酒店有限公司 (Shanghai Holiday Villa Co. Ltd.) (“Shanghai HV”) to Holiday Villa Hong Kong Company Limited (“HV Hong Kong”) was approved on 15 June 2018 by the relevant authority of which the notification was received on 21 June 2018. Consequently, Shanghai HV became a wholly-owned subsidiary of HV Hong Kong.

Both Changshu HV and HV Hong Kong are wholly-owned subsidiaries of Holiday Villa China International Limited, an indirect 95%-owned subsidiary of ASB.

HV Hong Kong was incorporated in Hong Kong on 8 March 2018 with a paid-up capital of Hong Kong Dollar 30,000.00.

Shanghai HV was incorporated in Shanghai, China on 24 June 2016 with an initial registered capital of Renminbi 1.0 million.

The aforesaid re-organisation is to facilitate the operations and management of ASB Group’s hotel operations in China and is not expected to have any material effect on the earnings, net assets or gearing of ASB Group for the financial year ending 31 December 2018.

None of the directors, major shareholders and/or persons connected with the directors and major shareholders of ASB has any interest, direct or indirect, in the abovementioned transfer.

This announcement is dated 22 June 2018.