Bonvests Holdings' acquires company and properties in Morocco for S$29.93m

Property group Bonvests Holdings' wholly-owned subsidiary Goldcove Pte Ltd has acquired a Moroccan-registered company and several properties for a total sum of about S$29.93 million.

Goldcove SA, the company that was acquired, was acquired for 353,900 Moroccan Dirhams (S$51,000), representing 99.97 per cent equity interest.

Goldcove SA has also entered into agreements with third party vendors to acquire a hotel and certain properties in Marrakech, Morocco, which amount to approximately S$29.88 million.

Among the properties is La Maison Arabe, a riad-hotel located in The Medina of Marrakech with 32 rooms and suites, two restaurants, a wellness center, swimming pool, cooking school and an adjacent riad for hotel operations.

The other properties include a plot of land with a country club and swimming pool located 15 minutes away by hotel shuttle, with a total land area of approximately 33,322 square metres.

The acquisition will be financed by internal funds and bank borrowings, said the company. It is not expected to have a material impact on the group's consolidated earnings and net tangible assets per share of the company for the current financial year ending Dec 31, 2019.