Roxy-Pacific to acquire resort property in the Maldives for US$31m

ROXY-PACIFIC Holdings has entered into a sale and purchase agreement to acquire the leasehold interests over the Kudafunafaru island in the Maldives for US$31 million.

The acquisition involves its subsidiary, Roxy Hotels and Resorts, obtaining - among others - the head leasehold interest in the property, together with all assets, property, rights and economic interests, Roxy-Pacific said in a release to the Singapore Exchange.

The payment will be financed by internal funds and bank borrowings, where appropriate, it said. The deal is subject to approval from the government of Maldives.