Hotel Properties

Hotel Properties: 50% owned Leisure Ventures acquires Promus, a Maldives co which operates 45 over-water villas and is the owner of Soneva Gili Resort and Spa for a total of US$37.5m. Co will fund this through internal resources and loans. Co's substantial sh/h Mr Ong Beng Seng is deemed to be interested in the balance of remaining 50% of Leisure Venture. The net tangible assets of Promus were approx US$2.1m. Co currently trades at P/B of 0.7x