1.Taj Cape Town Hotel in Cape Town, South Africa, is owned by a South African wholly owned subsidiary(WOS) of IHMS Hotels (SA) (IHMS). IHMS is a 50:50 joint venture between Ihoco BV (Ihoco), an overseas WOS of Indian Hotels Co (IHCL), and Tata Africa Holdings (SA) (TAH), an overseas subsidiary of Tata International.
2.Ihoco and TAH have executed a definitive agreement for Ihoco's acquisition of the following investments of TAH in IHMS:
a)The entire 50% holding of TAH in the shares of IHMS and
b)The shareholder loans advanced by TAH to IHMS.
The transaction price is US$ 1 million. The final consummation of the transactions under the agreement is subject to certain regulatory approvals in South Africa. As a consequence, IHMS will become a WOS of Ihoco.
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