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ICP enters deal to acquire Hong Kong hotel

A WHOLLY owned indirect subsidiary of investment holding company, ICP, is picking up equity and extending a shareholder loan towards an entity set out to acquire a hotel in Hong Kong.

The holding company said that the move is in line with its plans to expand its hotel investment and management portfolio. Its wholly owned subsidiary, Travelodge Hotels (Asia) Pte Ltd will be appointed as the operator of the hotel in Hong Kong.

ICP's indirect subsidiary, MHI HK 1 Pte Ltd, entered into two separate agreements relating to the hotel property on Thursday.

The first agreement with Cayman Islands-incorporated Ever Trade Ltd called on MHI HK 1 to subscribe to 226 new shares in Robust Century Ltd (RCL) at an issue price of US$1 per share.

The three parties have also entered into a second agreement detailing shareholder loan contributions from MHI HK 1 and Ever Trade into RCL.

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MHI HK1 will contribute up to HK$7.8 million (S$1.4 million) in its shareholder loan to RCL.

ICP will own about 3.5 per cent of the issued capital of RCL after the execution of the two agreements.

RCL's subsidiary, New Tweak Ltd, will utilise the shareholder loans and proceeds from the share subscription to acquire 100 per cent interest in Leader Fortune Holdings Ltd. Leader Fortune owns a 148-room hotel in Hong Kong.

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