CENTEL Budgets JPY5,000mn to Joint an Investment of Centara Grand Hotel Osaka in Japan

CENTEL Budgets JPY5,000mn to Joint an Investment of Centara Grand Hotel Osaka in Japan

Central Plaza Hotel Public Company Limited (CENTEL) announced the company is under investment in Centara Grand Hotel Osaka, Japan with 2 Japanese joint venture partners. CENTEL will invest at a total of approximately JPY 5,049 million.

 

CENTEL has approved Centara Management Headquarter Co. Ltd. (CHQ), a fully owned subsidiary company of CENTEL, on August 8, 2019 to establish a Joint Venture business to construct and operate  Centara Grand Hotel Osaka, Japan. As such, CENTEL had joined together with 2 Japanese joint venture partners, Taisei Corporation (Taisei) and Kanden Realty & Development Co., Ltd. (Kanden), to establish a company called the Centara Osaka Tokutei Mokuteki Kaisha (TMK) based in Japan on September 11, 2019, in which CENTEL and TAISEI together with KANDEN will hold a 51% and 49% equity respectively.

 

In undertaking this joint venture business investment in TMK, CENTEL will undertake its 51% equity investment through 2 established subsidiary companies, as follows:

 

1) Centara Singapore Private Limited (CSP), a subsidiary in which CENTEL indirectly holds a 100% equity through CHQ, will hold 49.999% in Preferred Stock in TMK.

 

2) Centara Japan Capital Godo Kaisha (GK), a subsidiary in which CENTEL indirectly holds a 100% equity through CHQ and CSP, will hold 1.001% in Preferred Stock and Common Stock in TMK.

 

Additionally, CENTEL has also established and registered another subsidiary in Japan named Centara Osaka Japan Kabushiki Kaisha, in which CENTEL indirectly owns a 100% equity via CHQ and CSP on March 5, 2020, whereby this company will execute an assets rental agreement with TMK, in order to operate the new Centara Grand Hotel Osaka once it has been fully constructed.

 

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