YTL Power buys Dutch hotel for RM290m

KUALA LUMPUR (March 20): YTL Power International Bhd is acquiring Dutch company Bel Air Den Haag Beheer BV, which owns the 306-room Mariott The Hague, for €60.3 million (RM289.6 million).

In a filing with Bursa Malaysia yesterday, YTL Power said the purchase is being carried out through its indirect wholly-owned subsidiary YTL Jawa Energy BV. Once completed, Bel Air would become YTL Jawa’s wholly-owned subsidiary and an indirect subsidiary of YTL Power. BV Hotel Bel Air Den Haag, a wholly-owned unit of Bel Air, is an Amsterdam-incorporated company in the Netherlands.

“The proposed acquisition will enhance the group’s earnings potential and is not expected to have any material effect on the earnings, net assets or gearing of the YTL Power group for the current financial year,” said YTL Power.

This article first appeared in The Edge Financial Daily, on March 20, 2018.

For more stories, download EdgeProp.my pullout here for free.