Oriental Holdings’ RM411 mil Bayview acquisition package clears final SPA 2 condition

PETALING JAYA (July 2): Oriental Holdings Bhd (OHB) said the second sale and purchase agreement (SPA 2) under its proposed RM411 million acquisition package involving hotel‑related assets in Penang and Langkawi has become unconditional after the remaining conditions precedent were fulfilled or waived.

It said it its Bursa filing yesterday that the proposals comprise the acquisition by OHB of a 100% equity interest in Northam Georgetown Sdn Bhd, the acquisition by Farquhar Properties Sdn Bhd, a wholly owned subsidiary of OHB, of Bayview Hotel Georgetown and Wisma Boon Siew, and the acquisition by Northam Langkawi Sdn Bhd (NLSB), also a wholly owned subsidiary of OHB, of Bayview Hotel Langkawi, for a total cash consideration of RM411 million.

OHB said the remaining conditions precedent under SPA 2 were fulfilled or waived on July 1, 2026.

The conditions precedent relating to the novation of the Ascott Agreements and the mutual termination of the tenancy agreement and services agreement had been fulfilled.

Meanwhile, the final condition precedent relating to the grant of an irrevocable right to NLSB to utilise the “Bayview” brand name, together with relevant licences, certificates and approvals required to operate Bayview Hotel Langkawi, was waived by NLSB on the same date.

Accordingly, OHB said SPA 2 became unconditional on July 1, 2026.

The company had previously outlined details of the proposals in a circular to shareholders dated January 29, 2026.

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