Banyan Group says that the hotel within the construction site in Busan, South Korea which caught fire earlier today is owned and developed by a non-related and independent South Korea company, and has yet to be handed over to the group for management.
This follows the news of a fire that broke out at Banyan Group’s hotel construction site in Busan which killed six people and injured 25.
Banyan Group says that Banyan Tree Hotels & Resorts has been appointed to manage the property once the construction is completed.
“We are supporting the hotel owning company as they work closely with the construction firm and local authorities to gather more information and manage the situation,” says the group in a bourse filing on Feb 14.
Shares in Banyan Group closed 0.5 cents higher or 1.493% up at 34 cents on Feb 14.
