Company Briefs: Mandarin Oriental International

Mandarin Oriental International

Mandarin Oriental International will acquire the freehold interest in the property that houses the Mandarin Oriental, Boston, together with its hotel business, for US$140 million (S$200 million).

Mainboard-listed Mandarin Oriental has managed the 148-room hotel under a management contract since its opening in 2008.

The group also manages 85 privately owned residences connected to the hotel.

Mandarin Oriental said it has exercised its right under its long-term management contract to acquire the hotel from CWB Hotel Partnership.

The hotel had been offered for sale by auction, and a number of bids were received. But under Mandarin Oriental's management contract, it has the right to acquire the property for a sum equivalent to the highest bid.

China Fishery Group

The High Court in Hong Kong has discontinued the appointment of provisional liquidators for the ailing China Fishery Group.

The court also refused applications by HSBC, the petitioner of the appointment, for leave to appeal and a stay of action.

It will provide the reasons for its decision at a later point.

China Fishery managing director Jessie Ng said the ruling meant that the group "can now resume a cooperative approach with its bank lenders in Hong Kong with the objective of delivering the highest value to all of the group's stakeholders".

"At no time did we believe that the appointment of provisional liquidators was warranted or in the best interests of the business," Ms Ng said.

However, the company's woes are far from over.

China Fishery and its parent, mainboard-listed Pacific Andes Resources Development, are facing a probe by the Monetary Authority of Singapore and the white-collar crime investigation agency, Commercial Affairs Department, for a possible breach of the securities law.

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A version of this article appeared in the print edition of The Straits Times on January 07, 2016, with the headline Company Briefs: Mandarin Oriental International. Subscribe