The Company proceeded to terminate of 3 hotels from the total of 6 hotels under hotel management agreement with Outrigger and enter into self-managed platform. This will help SHR to enhance potential and profitability. With objective to roll-out of its homegrown brands, SHR also launched its next two SAii resorts in Thailand: SAii Laguna Phuket and SAii Phi Phi Island Village.
The Board of Directors passes a resolution for S Hotels and Resorts (UK) Limited (“SHR UK”), a 100%-owned subsidiary of the Company to enter into the Sale and Purchase Agreement and related documents of FS JV Co., Ltd. (“FS JV”) for the purpose of the acquisition of 500,000 ordinary shares of GBP 1.00 each in the capital of FS JV, representing 50 percent of the total issued shares of FS JV from the previous partner - FICO Holding (UK) Limited (“FICO UK”). The transaction value is GBP 13.75 million (or equivalent to THB 564.49 million). After the completion of transaction, SHR UK will 100%-hold in FS JV and its performance will be consolidated within the Company’s financial statement since February 2021 onwards.