DMCs & PCOs

Beijing Tourism Group Approved To Transfer Shares
27/8/2006
Beijing Tourism Group announced that it has been approved by the State-owned Assets Supervision and Administration Commission of the State Council to transfer all of its 160 million state-owned shares to Hong Kong Cavendish Hotels Holdings Limited.
According to the agreement, Cavendish will purchase those 160 million shares for a total of RMB657.6 million. After the transfer, Cavendish will hold 69.14% of the shares of BTG and become a direct shareholder the latter.
Since Cavendish's shareholders are BTG (51%) and Hutchison Whampoa Property China (49%). This transaction means that Hutchison Whampoa will become the second largest shareholder of BTG.