Company Briefs: Hotel Properties Limited

Hotel Properties Limited

Hotel Properties Limited announced yesterday that it has entered into a joint-venture agreement with Japanese real-estate firm Tokyo Tatemono Co to acquire a 75 per cent stake in a new hotel and a 25 per cent co-ownership interest in up to 450 condominium units for approximately 20.85 billion yen (S$256 million) altogether.

Both the hotel and the condominium components will be developed under a proposed 50-storey mixed development project with a total gross floor area of about 80,000 square metres located on a freehold site in Dojima 2-chome, Osaka City, Japan. The site has a total land area of about 4,828 sq m and is currently owned by Tokyo Tatemono.

Subject to the granting of planning approval for the redevelopment of the Dojima site, the construction of the project is expected to take about four to 4½ years.

The group said that the proposed investments will enable it to expand its hotel and residential property portfolio to a new market in a major international destination in Japan. Hotel Properties said that the investments will be funded by a combination of internal funds and external bank financing.

TT International

Consumer electronics retailer TT International's new restructuring scheme has been approved by the High Court, subject to a creditor standstill and the extension of the scheme's long stop date, it said early yesterday morning in a bourse filing.

One of the amendments and conditions is having one of the firm's creditors deemed an excluded creditor under the new scheme.

The creditor, who was assessed by the court to have a claim of $1.3 million before Goods and Services Tax, has provided an undertaking that it would not, without the court's leave or the company's prior consent in writing, begin winding up proceedings, serve a statutory demand or commence judicial management proceedings against the company.

This is in return for TT International providing information to the creditor of any payments made to another excluded creditor.

The court has also ordered the long stop date for implementation of the new scheme to be extended to April 30, 2019.

The firm said it would assess any impact arising from the latest developments. Its restructuring scheme excludes the company's 51-per cent subsidiary Big Box Singapore, which owns the Big Box warehouse mall in Jurong East. The unit's voluntary liquidation was initiated in September last year.

A version of this article appeared in the print edition of The Straits Times on March 29, 2019, with the headline 'Company Briefs'. Subscribe