Century City International (00355), Pelibao Holdings (00617), REGAL INT '...
Zhitong Finance App News, Century City International (00355), Pelipo Holdings (00617), REGAL INT'L (00078), and COSMOPOL INT'L (00120) jointly announced that on December 21, 2023, Regal Hotels International Limited (RHIL), a wholly-owned subsidiary of Regal, and Cosmopolitan International Investments Limited (CIIL), a wholly-owned subsidiary of Sihai ) has signed a memorandum of understanding with the Saudi Ministry of Investment (MISA) to become a strategic partner to collaborate on hotel development and management projects. The MOU aims to establish a framework for cooperation and collaboration to jointly promote tourism and hospitality projects in mainland China, Saudi Arabia and Hong Kong.
This potential partnership will make full use of Regal Group's hotel brand development and operation, Sihai Group's project management advantages in real estate and hotel development projects, and MISA's rich experience and expertise in connecting with local financial and strategic investors in Saudi Arabia, to complement each other.
Additionally, MISA, RHIL and CIIL will evaluate opportunities and possibilities through various forms of investment platforms, including joint ventures, investment funds, and/or listed companies in Saudi Arabia and/or Hong Kong. The purpose of the MOU was signed to acquire, own, develop and manage a series of sustainable hotels, serviced apartments and innovation centers under Regal's “Fuhui” brand to promote exchanges in tourism, innovation and technology between China and Saudi Arabia.
Regal believes that through its hotel management expertise and the use of sustainable technology, this potential partnership can accelerate Regal's shared vision to become a global leader in sustainable tourism services at the international level. If the proposed transaction under the Memorandum of Understanding is realized, Four Seas will consider and evaluate the opportunity to become an investment platform listing tool. RHIL and CIIL initially estimate that the amount of investment under the MOU could reach $5 billion.
As the board of directors of Century City, Pelipo, Regal and Four Seas knows, knows, and believes that MISA is a Saudi Arabian government organization mainly involved in promoting investment in Saudi Arabia, and that MISA and its ultimate beneficial owner is a third party independent of Century City, Pelipo, Regal and Sihai and their related parties.
As of the date of this joint announcement, no formal legally binding agreement has been concluded on the preliminary program (which may or may not be carried out) under the Memorandum of Understanding.