KUALA LUMPUR, March 18 – YTL Power International Bhd’s indirect wholly-owned unit, YTL Jawa Energy (YTLJE) BV, plans to acquire 1.77 million ordinary shares in hotel operator, Bel Air Den Haag Beheer BV, for €60.3 million (RM290 million).
In a filing to Bursa Malaysia today, YTL Power said, the shares represented the entire issued and outstanding shares in the share capital of Bel Air.
“The amount will be paid in cash subject to such adjustments as set out in the sales and purchase agreement,” it said.
Upon completion of the acquisition, Bel Air would become a subsidiary of YTLJE and an indirect unit of YTL Power, it said.
“BV Hotel Bel Air Den Haag (BV Hotel), a wholly-owned unit of Bel Air, will consequently become an indirect subsidiary of YTLJE and YTL Power,” it said.
YTL Power said the proposed acquisition would enhance the group’s earnings potential.
“It is not expected to have any material effect on the earnings, net assets or gearing of the group for the current financial year,” it said.
Bel Air, which was incorporated in Amsterdam is the legal and beneficial owner of the Marriott The Hague. — Bernama
