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.
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.
