Berjaya Land shares flat despite Icelandair Hotels share acquisition

KUALA LUMPUR, July 16 — Berjaya Land Bhd’s share price was flat this morning at 18 sen per share despite its plan to acquire a majority share in Icelandair Hotels ehf and related real estate.

At 11.31am, there were 6.85 million shares traded.

The company is buying a 75 per cent stake in Icelandair Hotels in a RM222.03 million (US$53.63 million) deal, that would allow the group to enter the luxury hotel segment in Iceland.

The strategy was deemed as aligned with the group’s geographical diversification and revenue expansion.

The acquisition is being done through its wholly-owned Irish incorporated subsidiary, Berjaya Property Ireland Ltd.

Icelandair Hotels operates 20 hotels across Iceland with 1,811 rooms in total. — Bernama