Banyan Tree Holdings Ltd. received in-principle approval from the Singapore stock exchange for its plan to list the shares that it will issue to China Vanke Co. Ltd. subsidiary Alps Investments Ltd. pursuant to a share placement agreement signed August 2017.
The bourse's approval is for the listing of up to 38,628,158 of Banyan Tree shares, according to a release. The Singapore-listed diversified property developer still requires the green light from its shareholders before it can issue the shares.
On Sept. 27, 2017, Banyan Tree an approximately 4.99% stake in the company to Alps Investments, as part of the agreement.
China Vanke and Banyan Tree had formed a 50/50 joint venture that consolidated the Chinese developer's ownership of Banyan Tree-branded hotels and assets in China.
