BTG Hotels Co., Ltd. cancelled the acquisition of 50% stake in BTG Nikko International Hotel Management Co., Ltd. for CNY 50.6 million.
April 18, 2023
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BTG Hotels (Group) Co., Ltd. (SHSE:600258) signed an agreement to acquire 50% stake in BTG Nikko International Hotel Management Co., Ltd. for CNY 50.6 million on March 29, 2023. As per agreement, Within 5 working days after this agreement takes effect and BTG Nikko International Hotel Management obtains the "Enterprise State-owned Assets Transaction Certificate" from Beijing Equity Exchange, BTG Hotel will pay [50%] of the target equity transaction consideration, that is, CNY 25.303225 million. Within 5 working days from the equity delivery date stipulated in Clause 4 of this agreement, BTG Hotel will pay [30%] of the target equity consideration, namely CNY 15.181935 million. Before September 30, 2023, BTG Hotel will pay [20%] of the target equity consideration, that is CNY 10.12129 million. BTG Nikko International Hotel Management has reported total assets of CNY 17.1666 million and net assets of CNY 15.7117 million on October 31, 2022. The transaction has approved by board of BTG Hotels (Group) and transaction does not need to be submitted to BTG Hotels (Group)'s general meeting of shareholders for deliberation.
BTG Hotels (Group) Co., Ltd. (SHSE:600258) cancelled the acquisition of 50% stake in BTG Nikko International Hotel Management Co., Ltd. on April 19, 2023.
BTG Hotels Group Co Ltd is a China-based company mainly engaged in hotel operation management and scenic spot operation business. The Company operates through two segments. The Hotel Business segment includes hotel operation and hotel management. The hotel operation business includes operating hotels. The hotel management business includes brand franchising, output management and other franchise businesses. Hotel brands include Home Inn, Motel and other brands. The Scenic Spot Business division is engaged in scenic spot operation business. The Company operates Nanshan scenic spot. The Company conducts its business in the domestic market.