YTL Corporation Bhd is entering into an agreement with several parties which will ultimately see the company participating in one of Japan's finest ski resort destination.
The conglomerate, through its wholly-owned subsidiary, YTL Hotels & Properties Sdn Bhd (YTLHP), will acquire 496,184 shares, representing 100 per cent of the equity interest in Niseko Village from PC One Y.K (PC One), a Japanese limited liability company.
It has also entered into an agreement to undertake full repayment of outstanding amounts owned by Niseko Village to Citigrop Financial Products Inc.
YTL also entered into an agreement to purchase certain properties, owned by Kinki Investments Corporation Y.K., a wholly-owned subsidiary of PC One.
"The proposed acquisition at 6,000,000,000 Japanese yen, will result in Niseko Village becoming a wholly-owned subsidiary of YTLHP and an indirect wholly-owned subsidiary of YTL Corp," it said in a statement today.
Niseko Village owns Niseko Village Resort, located at the foothills of Mount Niseko An'nupuri and has the potential to be developed into a world class four season resort through luxury residential development and mountain retail development.
YTL Corp said the proposed acquisition was not expected to have an immediate material effect on the earnings, net assets and gearing of the group for the current financial year.
"However, the proposed acquisition is expected to improve the earnings of YTL Corp Group in the longer-term," it explained.
Source : Bernama
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