Bookmark & Share
Roxy-Pacific Holdings Limited, via its fully-owned subsidiary Roxy Hotels and Resorts, is acquiring the leasehold interest of the Kudafunafaru island at Noonu Atoll in Maldives for US$31 million (S$43 million).
In a release, Roxy-Pacific revealed that the acquisition is on a vacant possession basis and does not involve the transfer of any business obligations. It is also subject to certain conditions, including the ability of the company to secure approval from the government of Maldives for the sale and purchase of the head leasehold interest in the property.
Arrived on a willing-buyer willing-seller basis, the acquisition price will be financed by internal funds and bank borrowings, when appropriate, it said.
The property firm does not expect the acquisition to materially affect the group’s consolidated earnings and net tangible assets per share for the current financial year ending 31 December 2016.
Related Articles:
Frasers Hospitality Trust distributable income surged 23.2% in Q1
Property investment sales down 9%, now at 6-year low
Slower retail sales in Singapore amid growth of multi-channel retail