[www.inewsguyana.com] – Atlantic Hotel Inc. (AHI) and Republic Bank Ltd announced today (Saturday, May 24) the completion of the financial arrangements for a syndicated borrowing of US$27M in debt financing for AHI.
The two entities in a joint statement said: “this is for the construction of the Marriott operated hotel and the shell of an Entertainment Complex” and disclosed that the private investor is British Virgin Island (BVI) registered, ACE Square Investments Ltd.
Republic Bank, on behalf of its consortium of lenders, has received its approvals and the transaction is expected to be concluded shortly, the statement added.
The principal investors in AHI (Marriott Hotel Guyana project and Entertainment Complex) are the National Industrial and Commercial Investment Limited (NICIL) and British Virgin Island (BVI) registered, ACE Square Investments Ltd. ACE Square Investments Ltd. will acquire 67% of the equity of AHI for US$8M.
“As required under the Hotel Management Agreement between Marriott and AHI, Marriott has consented to the transfer of the controlling interest of AHI from NICIL to ACE Square Investments Ltd.
Ace Square Management Ltd, affiliated company of ACE Square Investments Ltd., has been selected to operate the Entertainment Complex and secure the outfitting cost, estimated at a minimum of US$4M. Additionally, Ace Square Management Ltd will guarantee a minimum financial performance of the Entertainment Complex, consistent with the Feasibility Study conducted by HVS International (dated October 31, 2012).
“Ace Square Management Ltd’s beneficial shareholders are the same as ACE Square Investments Ltd. The beneficial owners of the shares in ACE Square Investments Ltd., and the owners of the shares in ACE Square Investments Ltd., through a BVI registered holding company, Big Splendor Limited, are Hong Kong businessmen, Mr. Victor How Chung Chan, LLB (Hon.) andMr.. Xu Han, BSc, MBA, DBA.”
Mr. Victor Chan has diverse and substantial investment interests both in Hong Kong and China.
He is an Executive Director of the REXLOT Group and is the single largest shareholder and Founder and Director of the REX Resources Group.
The REXLOT Group is the leading lottery system and distribution company in China and has extensive operations in China’s lottery market, through its local subsidiaries and international joint ventures. The Group is listed on the main board of the Hong Kong Stock Exchange with a market capitalisation of over HK$8 billion (app US$1.0 B).