Tuesday, April 24, 2007

Sarawak SEDC raises stake in Kuching Hotels

Malinch Associate Holdings Sdn Bhd has sold its entire 43.5% stake in Kuching Hotels Sdn Bhd to Sarawak State Economic Development Corp (SSEDC).

No price tag for the transaction was disclosed.

Malinch is an indirect subsidiary of the privately-held Li & Fung (1937) Ltd.

Kuching Hotels owns and operates the 288-room Holiday Inn Kuching and the Sarawak Plaza Shopping Complex.

The agreement was signed here last Saturday between Malinch director Manit Lertsakomsiri and SSEDC chairman Datuk Talib Zulpilip.

SSEDC also owns the Crowne Plaza Riverside Hotel in Kuching
With the acquisition, SSEDC has increased its stake in Kuching Hotels to 88.7%. Kuching Hotels’ other substantial shareholder is state-owned Sarawak Timber Industry Development Corp, which has 11.3% stake.

“The acquisition of shares in Kuching Hotels is deemed strategic to SSEDC in terms of synergy and group marketing and promotion,” SSEDC said in a press statement.

SSEDC also owns the 241-room Crowne Plaze Riverside Hotel here and two beach hotels, Holiday Inn Resort Damai Beach and Holiday Inn Resort Damai Lagoon, in the Santubong Peninsula near here.

In a separate statement, SSEDC said it had entered into a long-term contract with InterContinental Hotels Group PLC (IHG) to manage Holiday Inn Kuching and Crowne Plaza Riverside Kuching.

As part of IHG’s continuous expansion in the country, a Holiday Inn hotel will be launched in Malacca in six months.

Source : STAR
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