The Ng family that is most famous for owning real estate giant Far East Organization, has emerged as a substantial shareholder of resort operator Banyan Tree Holdings, whose business has been affected by the ongoing pandemic.
According to a regulatory filing, Goodview Properties, controlled by the Ngs, on Aug 3 acquired 1.5 million Banyan Tree shares for $465,387 on the open market. This works out to an average of just over 31 cents. With the purchase, the Ngs now hold a total of 43.5 million Banyan Tree shares, equivalent to 5.12%, up from 4.94% earlier.
In its 1QFY2021 ended March business update on June 10, Banyan Tree notes that financial performance and cash management for the quarter has gradually stabilised through fiscal prudence, recording a net cash balance up $24 million from asset sale, receivables collections and scheduled repayments at the end of March.
