Impiana set for expansion in hospitality business

Almost full: Impiana Hotel in Ipoh is almost 88% booked.

PHUKET: Bio Osmo Sdn Bhd, soon to be renamed as Impiana Hotel Bhd (Impiana), is embarking on a multi-million ringgit expansion of its hospitality business, following the proposed acquisition of five companies for nearly RM426mil.

The companies are Impiana Hotels and Resorts Management Sdn Bhd, Impiana Pangkor Sdn Bhd, Astaka Mekar Sdn Bhd, Intra Magnum Sdn Bhd and Impiana Cherating Sdn Bhd.

Impiana executive director Azrin Kamaluddin said the acquisitions will be satisfied via the issuance of new shares (RM240mil), irredeemable convertible preference shares (ICPS) (RM160mil) and RM25.9mil in cash.

“We are targeting to complete the acquisitions by April 11, after which the company will become an investment holding company with two principal business divisions -- hotel operations and hotel management,” he told reporters during a media visit to Impiana Resort Patong here recently. — Bernama

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