Hong Leong's S'pore subsidiary to gain full ownership of Thistle hotels

THISTLE HOTEL JOHOR BARU BASKING IN LIGHTS AT NIGHT.

KUALA LUMPUR: The Hong Leong group is shifting the entire ownership of Thistle Port Dickson Resort (Thistle PD) and Thistle Johor Baru (Thistle JB) from its Malaysian-listed subsidiary, GuocoLand (M) Bhd, to its subsidiary listed across the causeway, GuocoLand Ltd (GLL).

In a filing with Bursa Malaysia yesterday, GuocoLand Malaysia said Guoman Hotel & Resort Holdings Sdn Bhd, which is 70% owned by it and the rest by GLL, was selling its entire shareholding in the two five-star hotels as well as a nine-hole golf course and some land in Port Dickson adjacent to Thistle PD.

GLL, which is buying the stakes via unit GuocoLand Hotels Pte Ltd for a combined indicative price of RM223.89mil, is the holding company of Guocoland Malaysia.

Hong Leong Co (M) Bhd is the ultimate holding company of both GLM and GLL.

GuocoLand Malaysia said Guoman Hotel & Resort was selling its 100% equity interest in PD Resort Sdn Bhd, which owns Thistle PD, the golf course plus other adjacent freehold land in Port Dickson, for RM116.01mil in cash

The subsidiary is also disposing of its 70% equity interest in JB Parade Sdn Bhd, which owns Thistle JB, for RM107.88mil.

The final purchase prices will be decided based on  factors such as the shares’ net asset value as shown in the respective companies’ management accounts adjusted based on the fair value of their non-current assets.

In its rationake for the proposed disposals, GuocoLand Malaysia said these would enable the Malaysian group to realise its investments in PD Resort and JB Parade.

Inter-Pacific Securities Sdn Bhd has been appointed by GuocoLand Malaysia to act as the independent adviser to advise the non-interested directors and non-interested shareholders as to whether the proposed disposals are fair and reasonable.

The proposed disposals are expected to be completed by the first half of calendar year 2018.