Goodbye Raffles Hotel...and Thanks for the money....
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During the RHS EGM, 99.97% of the shareholders voted "FOR" to the Approval of the Propsed Transaction with Colony Capital.
Anyway, the new management cant do a thing to the hotel...so I dunno why so many shareholders were grumbling about a change in management.
Anyway, Congrats to all shareholders of RHS, You certainly made the right choice to vote in favour of the ordinary resolution...
RElated News
Shareholders of Raffles Holdings have voted overwhelmingly in favour of the company's plans to sell its hotel business to Colony Capital.
The S$1.45 billion deal was first announced in July.
It involves selling 41 hotels worldwide to Colony, including the historic Raffles Hotel.
The group will record a divestment gain of S$605 million from the sale which according to some estimates will take the hotel operator 12 years to make.
Shareholders flocked into Raffles City Convention Centre during tea-break to pass a resolution to approve the sale of Raffles' hotel business to Colony Capital.
Almost everyone voted in favour of the deal.
Jennie Chua, President and CEO, Raffles Holdings, said: "We are very happy to announce that it was an overwhelming "yes" for the divestment. I remember the figures correctly - 99.97 percent for and 0.03 percent against."
The sale is expected to be completed in the next few months.
Shareholders will receive a special dividend of 40 cents a share before the end of this year.
With the deal, a majority of the hotel operator's 9,000 staff will join Colony Capital.
About 25 to 30 people will remain with Raffles Holdings to run its remaining operations.
CEO Jennie Chua said she was still in discussions with the buyer.
She said: "Right now, I would be able to confirm that I am with Raffles Holdings. Of course, Colony Capital and I are talking on some opportunities like I have also said I will remain as chairman of Raffles Hotel. If there are similar opportunities we'll be talking those."
Raffles has formed a special board committee to look into its future business options.
An announcement is expected within the next few months.
Raffles said it was looking to enrich shareholder value and generate higher yields than those from its existing hotel business.
There has been speculation that it will participate in the integrated resorts project.
Ms Chua said: "It is too premature as the RFPs have not been finalised and discussed and decided. So for us to say that is top of the list, that is a bit strange to consider as top. Certainly, people like to think that we are somehow involved in the integrated resorts but I think right now it rather very premature."
Raffles will continue to hold a 45 percent stake in Tincel Properties, which owns the Raffles City Complex.
It will also continue to own Swissotel the Stamford and Raffles the Plaza. -
ah shade, u work for the hotel?Originally posted by shade343:During the RHS EGM, 99.97% of the shareholders voted "FOR" to the Approval of the Propsed Transaction with Colony Capital.
Anyway, the new management cant do a thing to the hotel...so I dunno why so many shareholders were grumbling about a change in management. -
Oh yah, The food served during tea break was real good too.
My favourite was the chicken drumlets and the fried chicken dumplings. I didnt get a chance to try the samosas though...The buffet would have been perfect if not for those aunties who were busy shoving food into the big plastic bags which they brought from home...
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ah shade, u work for raffles hotel ah?Originally posted by shade343:Oh yah, The food served during tea break was real good too.
My favourite was the chicken drumlets and the fried chicken dumplings. I didnt get a chance to try the samosas though...The buffet would have been perfect if not for those aunties who were busy shoving food into the big plastic bags which they brought from home...
next time, when i have enuff $$, i go there eat...got discount? -
No. I dont work for Raffles Hotel....Originally posted by Kermadec:ah shade, u work for raffles hotel ah?
next time, when i have enuff $$, i go there eat...got discount? -
then u mean u were there? for the meeeting?got free food ah...never tell meOriginally posted by shade343:No. I dont work for Raffles Hotel.... -
yah...of course I was there...but I wasnt there physically...Originally posted by Kermadec:then u mean u were there? for the meeeting?got free food ah...never tell me -
huh? what u meant? u were there but not there?Originally posted by shade343:yah...of course I was there...but I wasnt there physically...
u work for raffles?
can get for me discount? next month, my brother birthday leh..i want to treat him makan there -
Wah, shade343 you work there ar? mai geh gow leh.
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For the 3rd time, NO. I DONT WORK THERE.Originally posted by ditzy:Wah, shade343 you work there ar? mai geh gow leh. -
i tot u d guy at the doorOriginally posted by shade343:For the 3rd time, NO. I DONT WORK THERE.
d one with d peacock feather
d shaded one -
RH is a protected monument. Colony can't do much to it....
But it's not under Singapore ownership anymore. Sg had lost a world famous brand! 
It shouldn't be sold!!!
Now since Raffles had sold all its hotels and resorts, what business would it have? -
the dessert there sucks...
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So what if its not under singapore ownership? It still exist doesnt it?Originally posted by redstone:RH is a protected monument. Colony can't do much to it....
But it's not under Singapore ownership anymore. Sg had lost a world famous brand!
It shouldn't be sold!!!
Now since Raffles had sold all its hotels and resorts, what business would it have?
Raffles will be moving onto a new business. It is still in the process of deciding what business to enter to...but I suspect it might have something to do with the IRs... -
u work at raffles hotel?
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yeah, i think he works there...Originally posted by beastieboy:u work at raffles hotel? -
No I dont....Originally posted by kaobeikaobu:yeah, i think he works there...
Anyway, I find the CEO to be a very nice person. But she didnt want to reveal what kind of business RHS would be moving into. Hopefully when the Q3 results are out, the board would also announce their decision on what kind of business they would be moving into... -
oh ok...so do u work for the Group? i mean raffles holdings?Originally posted by shade343:For the 3rd time, NO. I DONT WORK THERE.
can u get discount for me pls...... -
where is ah shade?
did i scare him away?
ok lor...no need discount for makan liao...
but can help me to buy raffles mooncakes?
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Yes, yes, he works there.
Ask him about the mooncake discounts.
First come, first serve.
Really. -
really?Originally posted by charlize:Yes, yes, he works there.
Ask him about the mooncake discounts.
First come, first serve.
Really.
but how u know?
but he told me he dun work there leh -
If people everyday PM you for mooncake discounts, would you be happy?Originally posted by Kermadec:really?
but how u know?
but he told me he dun work there leh -
oh i see...Originally posted by charlize:If people everyday PM you for mooncake discounts, would you be happy?
ok...me go PM him -
ah shade work in big big hotel dun want to friend me, a mailroom boy
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Other than mooncakes, you can ask shade343 see if he can help you organize a dnd function there or not.