HPL subsidiary to buy land to build luxury hotel in Republic of Palau

HOTEL Properties Limited said on Wednesday that its subsidiary, HPL Properties (Pacific Ocean) Pte Ltd (HPLPPO), has incorporated a wholly owned unit to acquire land at US$8.5 million to develop a luxury hotel in the Republic of Palau.

The setting up of Leisure Development Koror Inc and the land acquisition will be funded by way of internal funds and is not expected to have any significant impact on the net earnings per share and net tangible assets per share of the HPL group based on the audited consolidated financial statements for the year ended Dec 31, 2016.

HPLPPO is 70 per cent owned by HPL and 30 per cent owned by Como Holdings Pte Ltd (Como), which is beneficially owned by Ong Beng Seng, the managing director and deemed substantial shareholder of HPL.