SINGAPORE, May 9, 2006 (AFP) – Singapore-based luxury resort and spa chain Banyan Tree has outlined plans for a public listing to raise funds for further international expansion. The company intends to raise more than 100 million Singapore dollars (64 million US) from the proposed listing, it said in a preliminary prospectus late Monday.
It plans to use two-thirds of the proceeds to open 21 new resorts and hotels over the next four years.
Banyan Tree currently has 18 resorts and hotels as well as 49 spas in its stable.
Over the last 12 months, the company has worked to expand its business presence beyond Asia to include Abu Dhabi in the Middle East and Barbados in the Caribbean.
The chain is famous for its Asian garden-themed spas and resort villas with their own pools, a successful formula that has inspired several rival outfits.
According to the prospectus, Banyan Tree earned revenues of 186.9 million dollars in 2005. The final share price and size of the public float will only be available once listing is approved by the central bank.