PETALING JAYA: Plenitude Bhd’s wholly-owned subsidiary Plenitude International Sdn Bhd has entered into a sale and purchase agreement with the Employees Provident Fund (EPF) for the proposed acquisition of a 259-suite hotel, known as the Gurney Resort Hotel & Residences in Penang, for RM160mil.
In a filing with Bursa, Plenitude said Gurney Resort Hotel formed part of Menara Gurney, which is a 37-storey building with one basement level, a hotel along with retail and office components.
The retail units are located on the ground to second floor of the retail podium. The hotel has retail units and 551 car park bays.
The hotel is located approximately 4km to the north-west of the Penang ferry terminal and 3km from the state administrative centre in Kompleks Tun Abdul Razak.
Plenitude said that the price tag of RM160mil was arrived at after taking into consideration the strategic location of the property and the market value of the hotels in the surrounding vicinity.
“The proposed acquisition represents an opportunity for the company to expand its hotel business and operations, where the group currently owns Four Points by Sheraton Penang. It is expected to contribute positively to our future earnings,” said Plenitude.
Plenitude added that the acquisition would be financed by a mix of internally generated funds and bank borrowings
Plenitude was down four sen to RM3 on volume of 510,200 shares.
The company is in a financially strong position with no debt. Its cash and cash equivalents amounted to RM386.9mil as at March 31, 2014. For the third quarter to March 31, 2014, Plenitude’s net profit was up 89.3% to RM23.14mil on the back of a 80.58% increase in revenue to RM72.7mil.
By The Star
Friday, July 25, 2014
Boustead buying London's Hyde Park Hotel
KUALA LUMPUR: Boustead Holdings Bhd has agreed to buy the Hyde Park Hotel from Pastel Estate Ltd (PEL) for RM138.98mil.
The property, which comprises the 68-room hotel as well as freehold titles, is strategically located in the Bayswater area of London and has good accessibility to major shopping and tourist attractions as well as public transportation and amenities.
“This is a strategic acquisition, with a view towards strengthening our property portfolio of investments. It also provides our hospitality business with an opportunity to branch out beyond Malaysian shores,” Boustead deputy chairman and group managing director Tan Sri Lodin Wok Kamaruddin said in a statement.
“Given its prime location in central London, the Hyde Park Hotel represents a viable opportunity for the group to capitalise on the growing hotel market and hospitality industry in London. Over the years, we have grown our portfolio of properties locally and today we have an exceptionally strong stable of investments with our Royale Bintang and Royale Chulan chain of hotels.”
He added that the acquisition would bring significant synergies to the group for its property investments and hotel business.
The Hyde Park Hotel is currently leased to an operator and would be purchased with the lease.
As at March 31, 2014, Boustead had a paid-up capital of RM517mil while its shareholders’ funds stood at RM5.2bil. Its market capitalisation is currently more than RM5.6bil.
By The Star
The property, which comprises the 68-room hotel as well as freehold titles, is strategically located in the Bayswater area of London and has good accessibility to major shopping and tourist attractions as well as public transportation and amenities.
“This is a strategic acquisition, with a view towards strengthening our property portfolio of investments. It also provides our hospitality business with an opportunity to branch out beyond Malaysian shores,” Boustead deputy chairman and group managing director Tan Sri Lodin Wok Kamaruddin said in a statement.
“Given its prime location in central London, the Hyde Park Hotel represents a viable opportunity for the group to capitalise on the growing hotel market and hospitality industry in London. Over the years, we have grown our portfolio of properties locally and today we have an exceptionally strong stable of investments with our Royale Bintang and Royale Chulan chain of hotels.”
He added that the acquisition would bring significant synergies to the group for its property investments and hotel business.
The Hyde Park Hotel is currently leased to an operator and would be purchased with the lease.
As at March 31, 2014, Boustead had a paid-up capital of RM517mil while its shareholders’ funds stood at RM5.2bil. Its market capitalisation is currently more than RM5.6bil.
By The Star
MRCB to buy 51pc of Penang Sentral for RM50.75m
KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) is buying the 51 per cent stake held by Pelaburan Hartanah Bhd in Penang Sentral Sdn Bhd for RM50.75 million.
Penang Sentral is a joint-venture company set up to implement the Penang Sentral project.
After the payment, Penang Sentral will become a wholly-owned unit of MRCB.
The acquisition will enable MRCB to better manage the operations and fast-track Penang Sentral project and improve the efficiency through single management structure.
MRCB group managing director Tan Sri Mohamad Salim said this initiative will create a clearer way for MRCB with regards to the Penang Sentral project.
“The project will also benefit in terms of the fast-tracking works that MRCB can now implement, especially in project management and coming up with a definite timeline and completion period,” he said in a statement yesterday.
Penang Sentral is an urban development with mixed components built around the largest integrated transportation hub in Malaysia’s northern region. This mixed development is poised to transform Butterworth into a modern metropolis and will house retail, commercial and residential components.
Penang Sentral is a phased development and is expected to be fully completed by 2030.
By Business Times
Penang Sentral is a joint-venture company set up to implement the Penang Sentral project.
After the payment, Penang Sentral will become a wholly-owned unit of MRCB.
The acquisition will enable MRCB to better manage the operations and fast-track Penang Sentral project and improve the efficiency through single management structure.
MRCB group managing director Tan Sri Mohamad Salim said this initiative will create a clearer way for MRCB with regards to the Penang Sentral project.
“The project will also benefit in terms of the fast-tracking works that MRCB can now implement, especially in project management and coming up with a definite timeline and completion period,” he said in a statement yesterday.
Penang Sentral is an urban development with mixed components built around the largest integrated transportation hub in Malaysia’s northern region. This mixed development is poised to transform Butterworth into a modern metropolis and will house retail, commercial and residential components.
Penang Sentral is a phased development and is expected to be fully completed by 2030.
By Business Times
Boustead buys Hyde Park Hotel in London for RM139m
KUALA LUMPUR: Boustead Holdings Bhd has expanded its properties abroad with the acquisition of Hyde Park Hotel in London for RM138.98 million.
BHB sealed a sale and purchase agreement with Pastel Estate Ltd yesterday to buy the property, which comprises a 68-room hotel as well as freehold titles.
Strategically located in the Bayswater area of London, the property has good accessibility to major shopping and tourist attractions as well as public transportation and amenities, the group said in a statement.
“This is a strategic acquisition with a view to strengthen our property portfolio. Coupled with this, it provides our hospitality business with an opportunity to branch out beyond Malaysian shores,” group deputy chairman and managing director Tan Sri Lodin Wok Kamaruddin said.
“Given its prime location in Central London, the Hyde Park Hotel represents a viable opportunity for the group to capitalise on the growing hotel market and hospitality industry in London. Over the years, we have grown our portfolio of properties locally, and today, we have an exceptionally strong stable of investments with our Royale Bintang and Royale Chulan chain of hotels,” he added.
The Hyde Park Hotel is now leased to an operator and will be purchased with the lease.
By Business Times
BHB sealed a sale and purchase agreement with Pastel Estate Ltd yesterday to buy the property, which comprises a 68-room hotel as well as freehold titles.
Strategically located in the Bayswater area of London, the property has good accessibility to major shopping and tourist attractions as well as public transportation and amenities, the group said in a statement.
“This is a strategic acquisition with a view to strengthen our property portfolio. Coupled with this, it provides our hospitality business with an opportunity to branch out beyond Malaysian shores,” group deputy chairman and managing director Tan Sri Lodin Wok Kamaruddin said.
“Given its prime location in Central London, the Hyde Park Hotel represents a viable opportunity for the group to capitalise on the growing hotel market and hospitality industry in London. Over the years, we have grown our portfolio of properties locally, and today, we have an exceptionally strong stable of investments with our Royale Bintang and Royale Chulan chain of hotels,” he added.
The Hyde Park Hotel is now leased to an operator and will be purchased with the lease.
By Business Times
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