SINGAPORE - A 31.4 per cent owned associate of First Sponsor Group is selling its stake in Dutch hotel Bilderberg Landgoed Lauswolt for €6.88 million (S$10.8 million).
First Sponsor's associate Queens Bilderberg (Nederland) on June 9, 2018, reached an agreement to sell its 18,152-share stake in Landgoed Lauswolt - which owns the hotel, at €1 apiece, to Landgoed Oranjewoud Participaties, the property player said on Monday (June 11) before the local stock market opened.
Bilderberg Landgoed Lauswolt is a 65-room five-star hotel in Beetsterzwaag, the Netherlands. The hotel sits on a parcel of freehold land with a total gross floor area of 6,815 sq m. It is operated by Hotel Opco.
Upon completion of the disposal, Landgoed Lauswolt and its wholly owned subsidiary, Hotel-Restaurant Lauswolt, will cease to be associated companies of First Sponsor.
First Sponsor shares last traded on Friday at $1.27.