Eagle Hospitality Trust: Far East Consortium not proceeding with acquisition of controlling stake

FSINGAPORE - Hong Kong-listed property conglomerate Far East Consortium International will not be proceeding with the proposed acquisition of a controlling stake in Eagle Hospitality Trust's manager, EHT's manager said in a regulatory filing late on Thursday .

There would also be further subscriptions by FECIL of shares in the managers at the time of the conversion of the CPS such that FECIL will have a 70 per cent stake in each of the managers.EHT's trustee, DBS Trustee, has now directed its financial adviser Moelis & Company to commence a request for proposal process"on an expedited basis" from parties interested to enter into a deal with EHT.

The regulator has also directed that Howard Wu and Taylor Woods, formerly non-independent non-executive chairman and deputy chairman of EHT's manager, should not be negotiating with any bidder exclusively.

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