The Asian resort and spa operator Banyan Tree Holdings has lodged a draft prospectus with the Monetary Authority of Singapore for an Initial Public Offering (IPO) on the Singapore Stock Exchange.
According to the draft prospectus, the company hopes to raise at least S$107m (US$68m, 53m euro or £36m) via the IPO, which will be managed by UBS Investment Bank and DBS Bank.
Banyan Tree plans to invest S$70m (US$44m, 34.5m euro or £23.5m) of the money raised in new and existing properties with S$25m (US$15.7m, 12.3m euro or £8.4m) earmarked for future investments.
Banyan Tree operates 18 resorts and 49 spas in the Asia-Pacific region. In 2005, the company reported a net profit of S$1m (500,000 euro, £337,000 or US$636,000) – a decline of almost 97 per cent from S$30.4m (US$19.1m, 15m euro or £10.2m) in 2004.
Revenue from continuing operations also fell to S$186.9m (US$117.7m, 92m euro or £62.6m) from S$218.8m (US$137.8m, 107.7m euro or £73.3m) the year before.
Banyan Tree initially intended to launch its IPO in 2005 but the plans were shelved following the SARS crisis and the tsunami. Details: www.banyantree.com
