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IGB buys remaining Great Union shares
by hlk Tue 20 Dec 2011, 00:36
IGB Corporation Bhd is purchasing the remaining 50 per cent stake in
Great Union Properties Sdn Bhd (GUP) for RM277.5 million from Stapleton
Developments Ltd (SDL) and Chong Kim Weng.
IGB, which currently
owns 50 per cent of GUB, will pay RM101.35 million for GUP share and
also settle SDL's shareholder's advance of RM176.15 million in GUP.
GUP is the owner of the Renaissance Kuala Lumpur Hotel.
The
total consideration is based on 8.5 times the hotel's 2010 earnings
before interest, taxes, depreciation and amortisation (EBITDA), which is
equivalent to valuation of the hotel at RM710 million net of bank
borrowings and shareholders loan.
In a filing to Bursa Malaysia today, IGB said upon completion of the
proposed acquisition, GUP will become a wholly-owned subsidiary of IGB. -
Bernama
Great Union Properties Sdn Bhd (GUP) for RM277.5 million from Stapleton
Developments Ltd (SDL) and Chong Kim Weng.
IGB, which currently
owns 50 per cent of GUB, will pay RM101.35 million for GUP share and
also settle SDL's shareholder's advance of RM176.15 million in GUP.
GUP is the owner of the Renaissance Kuala Lumpur Hotel.
The
total consideration is based on 8.5 times the hotel's 2010 earnings
before interest, taxes, depreciation and amortisation (EBITDA), which is
equivalent to valuation of the hotel at RM710 million net of bank
borrowings and shareholders loan.
In a filing to Bursa Malaysia today, IGB said upon completion of the
proposed acquisition, GUP will become a wholly-owned subsidiary of IGB. -
Bernama
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