Pollux Properties plans to acquire three hotels in the city of Bekasi, in Western Java of Indonesia for 216.9 billion Indonesian rupiah, or some $20.4 million.
The company will pay for the purchases in cash.
It will then outsource the operations of the hotels to a third-party operator, or, manage them on its own.
The hotels are expected to commence operations by first quarter next year, says Pollux on Sept 11.
According to Pollux, the acquisition of these three hotels will help expand its investment property portfolio overseas and improve the stability of its investment property income, and generate increased investors’ interest in the company.
"This could in turn, lead to better share value and increased value for shareholders," the company says.
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Pollux Properties shares closed at 5.2 cents on Sept 9, down 10.34% for the day.
