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Wednesday, February 27, 2008

BLand unit buys more stake in Piccolo owner

PETALING JAYA: Berjaya Land Bhd (BLand), via subsidiary Berjaya Vacation Club Bhd (BVC), will increase its stake in Absolute Prestige Sdn Bhd to 51% from 20%. Absolute Prestige owns the Piccolo Hotel and Piccolo Galleria in Jalan Bukit Bintang, Kuala Lumpur.

BVC unit Sinar Merdu Sdn Bhd had recently acquired 20% of the company's stake from Piccolo Corp Sdn Bhd for RM6mil and the latest acquisition for RM9.3mil was from another shareholder of Absolute Prestige, Abdul Samad Ramli.

BLand said in a statement yesterday that both the acquisitions were subject to approval from the Foreign Investment Committee and other authorities.

“The acquisition represents an opportunity for the BLand group to add another 239 rooms in a boutique hotel in Kuala Lumpur's Golden Triangle to its portfolio of hotels and resorts.

“It will complement our existing investments in 12 hotel properties, located in Malaysia, Seychelles, London, Sri Lanka, Singapore and, recently, in Vietnam,” it added.

Piccolo Corp director Suzianna Wong-Svrcula will remain the chief operating officer of Absolute Prestige.

“The sale provides the opportunity for the company to tap the synergy of Berjaya Land's portfolio of 12 hotels worldwide,” Wong said.

Piccolo Hotel, which was built at a cost of RM42mil, is scheduled to open by the end of next month.

By The Star (by Angie Ng)

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