AMTD, TGE To Acquire 50% Stake In The Ritz-Carlton

(RTTNews) - Monday, AMTD Group (AMTD), AMTD IDEA Group, and The Generation Essentials Group (TGE) said TGE has agreed to purchase a 50 percent stake in The Ritz-Carlton, Perth from FEC Holdings and FEC Hotel for AU$100 million.

The deal, involving both shares and a loan assignment, strengthens TGE's global hospitality expansion across Australia, Hong Kong, Singapore, New York, London, and Malaysia.

The Ritz-Carlton, Perth the brand's 100th property features 205 luxury rooms on Elizabeth Quay.

AMTD is currently trading at $1.04, up $0.03 or 2.97 percent on the New York Stock Exchange.