U Reports the Completion of Acquiring Shares in 12 Companies in Germany and Switzerland

U City Public Company Limited (U) has announced on June 4, 2019, Vienna House Germany II GmbH (VHG II), a subsidiary company in Germany in which U indirectly holds 100 percent of shares via Lombard Estate Holdings Limited, which is a subsidiary in which U holds 100 percent of its total registered capital has completed VHG II paid the share purchase price in the amount of EUR 15,684,924 (or approximately Baht 558,446,034.096) to Arcona Management GmbH and  VHG II received transfer of ordinary shares in 12 companies in Germany and Switzerland under the terms and conditions in the Share Sale and Purchase Agreement dated April 30, 2019 between VHG II and Arcona Management GmbH. Moreover, VHG II has also received rights of operating lease of 15 existing hotels (total number of room is 1,609 room keys) consist of hotels as following:
1) Arcona brand
2) Arcona Living brand
3) Steigenberger brand, which is located in Germany and Switzerland, and operating lease of 2 new hotels which will be operated in 2020 and 2022 (total number of room is 251 room keys).

However,there are two hotels that the operating lease were not been transferred at this time a which expected that VHG II will be able to receive a transfer of operating lease of the 2 hotels and pay the remaining purchase price within July 2019, where the transfer of operating lease is subject to the completion of certain conditions.