Saturday, August 19, 2006

Mulpha to acquire Nursalim's Grand Hotel

Mulpha (SPV 1) Limited, a wholly owned subsidiary of Mulpha Australia Ltd has made an off-market cash offer to acquire all the securities on issue of Grand Hotel Group, a subsidiary of Singapore-listed Tuan Sing Holdings controlled by Sjamsul Nursalim family.

GHG Chairman William J. Conn told Australia Stock Exchange (ASX) on Friday that GHG had appointed Merrill Lynch and Freehills as its advisors for the transaction. No details available on the value of Mulpha's offer.
Grand Hotel Group (GHG) is the leading owner of 5-star hotel properties and is the second largest accomodation owner in Australia. Mulpha is controlled by Lee Ming Tee and his son Lee Seng Huang.
Tuan Sing's primary business activities are property, industrial services, retail and technology. The Group has over 80 subsidiaries and associates, with a workforce of more than 3,400 employees operating in various countries in the Asia Pacific region.
Tuan Sing reported total revenue of S$194 million in the first half 2006, increased 47% from the same period last year.

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