Hotel Properties acquires remaining shares in Palmco Hotels, HRH Merchandise for $34.7 mil

SINGAPORE (Dec 20): Hotel Properties announced that its wholly-owned subsidiary HPL Properties (SEA) is acquiring an additional 50% interest in Palmco Hotels (PHSB) and an additional 10% interest in HRH Merchandise (HRHM) from ISY Holdings for a total consideration of RM105 million ($34.7 million).

Prior to this, the group owned 50% interest in PHSB and 90% interest in HRHM. Following the acquisition of the additional shares, the group will own 100% interest in both PHSB and HRHM.

The total paid up capital of PHSB is RM22.5 million and the total paid up capital of HRHM is RM1 million.

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