Thursday, 26 April 2012

TA Global buys Movenpick hotel assets in Thailand for RM227 million

KUALA LUMPUR (April 26) : TA Global Bhd is acquiring the Movenpick Karon Beach Resort in Thailand from Saudi Arabia-based Kingdom Holding Co for US$90.21 million (RM276.94 million), a move which will see the acquirer making an initial venture in Thailand’s hotel industry.

In a statement to Bursa Malaysia on Thursday, TA Global, a property developer and investor, said it will purchase the entire stake in two wholly-owned units of Kingdom Holding, namely, Kingdom 5-KR-194 Ltd and Kingdom 5-KR-195 Ltd, under which, the hospitality assets are parked under.

“The proposed acquisition will further enhance TA Global’s hospitality operations in major cities around the world and expand its existing portfolio of hospitality PROPERTIES [] into Thailand.

“In addition to that, TA Global believes that the proposed acquisition will provide steady revenue stream and enhance the revenue contribution from its hospitality division to the group,” said the acquirer which will finance the exercise with internal funds and borrowings.

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