KUALA LUMPUR (Aug 9): ECM Libra Financial Group Bhd is buying three hotels, together with the land where they are built on, from Tune Hotels Sdn Bhd for RM62.04 million.
They are Tune Hotel @ Danga Bay (218 rooms), The Chow Kit — An Ormond Hotel (113 rooms), and MoMo’s Kuala Lumpur (99 rooms).
In a filing with Bursa Malaysia, ECM Libra said the transaction values of the Danga Bay property was RM16.45 million while the Kuala Lumpur properties were RM45.59 million.
Tune Hotels is wholly-owned by a British Virgin Islands-incorporated unit called Tune Hotels Real Estate Holdings Ltd, which in turn is wholly-owned by Tune Hotels.Com Ltd.
The substantial shareholders in Tune Hotels.Com include Tune Group Sdn Bhd (56.97%), Lim Kian Onn (13.59%) and Datuk Seri Kalimullah Masheerul Hassan (13.54%) and Orix Corporation (9.12%).
Tune Group, which also holds a 22.95% stake in ECM Libra, is equally owned by Tan Sri Tony Fernandes and Datuk Kamarudin Meranun.
As at July 31, Kalimullah owns a 13.78% stake in ECM Libra, while Lim also has 33.54% shareholdings in the listed outfit.
ECM Libra said the acquisition is in line with its diversification plan to own and manage hotels.
The group said since the diversification began on Dec 12, 2017, it had completed the acquisition of Tune Hotel Penang, Tune Hotel Kota Kinabalu and a 50% equity interest in TP Sepang Sdn Bhd which holds the concession to manage and operate Tune Hotel klia2.
This article first appeared in The Edge Financial Daily, on Aug 9, 2019.