| To : Business Editor | For immediate release |
22nd May 2000 - Mandarin Oriental International Limited today announced that it has completed the acquisition to acquire the entire issued share capital of The Rafael Group Limited for a consideration of US$142.5 million.
Shareholder approval of the agreement was obtained on 10th May 2000 and the other conditions precedent contained in the agreement have now been satisfied.
Mandarin Oriental Hotel Group presently operates deluxe and first class hotels in Bangkok, Hawaii, Hong Kong, Jakarta, Kuala Lumpur, London, Macau, Manila, San Francisco, Singapore and Surabaya. Under development are two deluxe properties, one in Miami (opening late 2000) and the other in New York (opening late 2003).
For further information, please contact:
| Forrest International Limited | |
| Sue Gourlay | (852) 2501 7936 (office) |
This and other Company announcements can be accessed through the Internet at "www.irasia.com/listco/sg/mandarin".
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