Datapulse justifies hotel investments; will comply with SGX RegCo's notice of compliance

Singapore

DATAPULSE Technology says it will comply with a directive from the Singapore Exchange Regulation (SGX RegCo) relating to its recent minority investments in two hotels and the awarding of hotel management agreements to firms linked to the company's chairman and controlling shareholder. In response to a notice of compliance from SGX RegCo last Friday, Datapulse said on Monday that it would be complying with the relevant requirements stipulated.

It also explained that the basis for its recent investments in two hotels was to further its property business mandate. Datapulse received shareholder approval in March to expand the mandate to include acquisitions and investments in hotels and hospitality assets, whether by way of majority or minority stakes, and whether on a stand-alone basis or in joint venture with selected capital partners.