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Hotel Properties in double stake acquisition in Malaysia

Hotel Properties Ltd. subsidiary HPL Properties (SEA) Pte. Ltd. agreed to acquire the 50% and 10% stakes it does not already own in Palmco Hotels Sdn. Bhd. and HRH Merchandise Sdn. Bhd., respectively, for 105.0 million Malaysian ringgit from ISY Holdings Sdn. Bhd.

Palmco Hotels owns the 250-room Hard Rock Hotel Penang in Penang, Malaysia. HRH Merchandise trades in souvenirs, gifts, clothing, apparel and accessories.

The acquisitions, which will be funded by internal resources, are expected to increase the group's earnings per share to 20.18 Singapore cents from 18.13 cents, according to a release.

As of Dec. 19, US$1 was equivalent to 4.08 Malaysian ringgit and S$1.35.