Tune Group-ECM Libra joint venture buys 50% in SubHome

Double occasion: At the press conference to announce the merger and launch of the new SubHome suites are (from left) ECM Libra Financial Group MD Lim Kian Onn, Fernandes, SubHome co-founder Michael Tan, co-founder and CEO Sandeep S. Grewal, ECM Libra chairman Datuk Seri Kalimullah Hassan, Tune Hotels CEO Mark Lankester and SubHome co-founder and COO Aravind Sinniah.

KUALA LUMPUR: Tune Group and ECM Libra Financial Group Bhd, via joint venture vehicle Tune Plato Ventures Sdn Bhd, have collectively acquired a 50% stake in Malaysian home-sharing platform SubHome Management Sdn Bhd.

The value of the acquisition was not disclosed, though Tune Group is to play a supportive role to SubHome by providing operational support and controls through systems, processes, and expertise at Tune Hotels, as well as the eventual listing of SubHome rooms across Tune Group’s travel accommodation platforms.