KUALA LUMPUR, July 18 — Bursa Malaysia closed at its intraday low on weak sentiment and taking cue from overnight losses in the global market. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) finished 0.52 per cent or 8.6 points lower to close at…
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PETALING JAYA: Berjaya Land Bhd (BLand) is acquiring a 75% stake in Icelandair Hotels ehf for US$53.63 million (RM220 million) cash.
BLand told Bursa Malaysia that its subsidiary Berjaya Property Ireland Ltd had entered into a share purchase agreement with Icelandair Group hf for the acquisition.
Icelandair Hotels currently operates 20 hotels located all around Iceland. In addition, a new five-star 145-room hotel developed in collaboration with Hilton Hotels is scheduled to be launched in Reykjavik’s Parliament District in 2020. The total earnings before interests, taxation, depreciation and amortisation of these hotels was about US$12 million for the financial year ended Dec 31, 2018.
Iceland Stock Exchange-listed Icelandair Group operates in the airline and tourism sectors. The company operates through three segments: international flight operations, aviation investments, and tourism investments.
Besides increasing Berjaya’s presence in the European region, this acquisition also increases the room inventory of the Berjaya group of hotels from about 4,200 to 6,011 rooms, with an additional 1,811 rooms. Currently the Berjaya group of hotels are operated under the Berjaya Hotels and Resorts, Four Seasons, and Sheraton brands in Europe and Asia.
BLand said the proposed acquisition is in line with the group’s geographical diversification and revenue expansion. The luxury hotel segment in Iceland is expected to grow and the exercise will enable the BLand group to enter this segment with strategically located hotels in the heart of Iceland as well as certain hotels being operated under the Hilton brand name.
Berjaya Corp Bhd founder and executive chairman Tan Sri Vincent Tan is pleased with this investment, which is at a low entry cost, with an average cost/price of about US$75,096 per room.
“The Icelandair Hotels is one of the largest hotel chains in Iceland, and its hotels are operated at a very high standard by a passionate and dedicated team. We are delighted to add this hotel group to our growing network of hotels and resorts,” he said in statement.
“We look forward to working with the Icelandair Group. I believe this investment represents good long-term value for Berjaya,” he added.
The proposed acquisition is expected to be completed during the financial year ending June 30, 2020.
XISHUANGBANNA (China), July 13 — A bus came to a halt amid a tropical rainforest not far from China’s border with Myanmar, dropping off about 30 investors on a property tour, some with children in tow. Their objective: To snap up a piece of…
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PETALING JAYA: ARB Bhd has entered into a memorandum of understanding (MoU) with Chean Chhoeng Thai Group Co Ltd (CCTG) to deploy Internet of Things (IoT) and information technology (IT) to the latter’s US$1.5 billion (RM6.2 billion) mixed development project in Phnom Penh, Cambodia.
The total value for ARB’s IoT and IT project is not less than US$100 million (RM417 million).
CCTG’s mixed development project involves the development of office buildings, a commercial complex, an arts centre, a cultural square, resorts, condominiums, a five-star hotel, an exhibition centre, and a public park, along the Tonle Sap river.
CCTG is the private vehicle of the major shareholders of Shanghai-listed Guangzhou Yuetai Group Co Ltd.
In addition, ARB also entered into an MoU with HK Yue Tai Life Insurance (HKYT) to provide to the enterprise resource planning system and solutions.
The project is valued at no less than US$20 million.
Under the MoU, ARB will deploy the related hardware and software for HKYT and in turn the HKYT will outsource the IT management project to ARB.
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