Fragrance Group acquires hotel in UK for £7.6m
REAL estate company Fragrance Group Limited has incorporated Fragrance UK-Torquay Limited in the United Kingdom as a wholly owned subsidiary.
In a Singapore Exchange filing on Friday, it said that The Palace Hotel located in Torquay has a purchase consideration of £7.6 million (S$13.57 million).
It added that Fragrance UK-Torquay is principally engaged in the activity of a property investment holding company and has an initial paid up capital of £1 million.
The 141-bedroom property offers conference and event space catering for up to 1,000 delegates.
The acquisition of the hotel is not expected to have a material impact on the net tangible assets or earnings per share of the company for the current financial year ending Dec 31, 2017, Fragrance Group said.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
US: Wall St opens lower as megacaps drag
Olam tops Louis Dreyfus’ offer for Australia’s Namoi Cotton as takeover battle heats up
Axiata, Sinar Mas seek permission for Indonesia telco merger, minister says
New York Times beats profit estimates on bundle strength
US dollar gains ground; subdued yen prompts Japan warning
Prime US Reit distributable income for Q1 2024 down 19.5% to US$11.9 million