Hotel Properties Ltd. incorporated two subsidiaries in Singapore after subscribing for equity interest in both companies.
It took on a 70% stake in investment holding company HPL Properties (Pacific Ocrean) Pte. Ltd. The remaining 30% stake is held by Como Holdings Pte. Ltd.
Hotel Properties Managing Director and substantial shareholder Beng Seng Ong appears to be mulling the 30% interest in the unit held by Como, the company said in a release.
The company's wholly owned HPL Properties (SEA) Pte. Ltd. also incorporated East Phuket Holdings Pte. Ltd., a 100% subsidiary in Singapore.
East Phuket subscribed for 294,000 ordinary shares of Naka Yai Holdings Co. Ltd., a newly incorporated company in Thailand, which translated to a 49% stake buy in the latter at a price of 10 Thai baht apiece that amounted to 2.9 million baht.
East Phuket also purchased a 49% interest in Naka Yai Land Co. Ltd., a newly incorporated company in Thailand involved in hotel development, for 4.9 million baht, while Naka Yai Holdings purchased the remaining 51% for 5.1 million baht.
Following the subscription, the group's shareholding in Naka Yai Land stands at 73.99%.
As of June 2, US$1 was equivalent to 34.11 Thai baht.