The 13 Holdings Ltd – developer of The 13 hotel (pictured), a project on the border of the Cotai and Coloane districts in Macau – said on Wednesday that it had agreed with the potential purchasers of the firm’s construction arm to extend the previously agreed long stop date for completion of the sale to March 31, 2018.
Under previously announced terms, completion of the deal was set for December 28, 2017, subject to several conditions being satisfied by that date, the firm said in a filing to the Hong Kong Stock Exchange.
The 13 Holdings announced in a June 28 filing that it had agreed to sell its majority stake in construction arm Paul Y. Engineering Group Ltd for a consideration of HKD300 million (US$38.3 million). The company said at the time that the disposal was in order to fund the completion of the hotel property.
“As additional time is required for the fulfilment of certain conditions … the vendor and each of the purchasers agreed to extend the long stop date … to March 31, 2018,” said The 13 Holdings.
The firm added: “Save for the aforesaid extension of the long stop date, the other terms and conditions of the sale and purchase agreements remain unchanged and continue in full force and effect.”
In late October, the venue promoter had said it intended to open The 13 hotel “on or before” March 31, 2018, after securing new funding to complete the scheme. At that time the firm mentioned its intention of having gaming operations at the property “as soon as practicable”.
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"The President [Rodrigo Duterte] had already decided and announced that no construction of a casino on Boracay will be allowed”
Secretary Eduardo Año
Officer-in-charge at the Philippine Department of Local and Interior Government