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Saturday, November 15, 2008

ASB wants to manage more properties

SHAH ALAM: Advance Synergy Bhd, which manages 17 hotels and resorts, plans to increase the number of such properties as it seeks to make this segment the core business, executive chairman Datuk Ahmad Sebi Bakar said.

“We are now trying to increase the (property) management sites. Instead of buying hotels, we want to manage other people’s hotels.

“That is the next step that we are trying to push ourselves forward,” he said after the company EGM yesterday.

However, the group would rather not invest in property but manage hotels for other parties, he added.

Of its 17 hotels and resorts, eight are in Malaysia and nine are overseas.

Earlier, ASB shareholders approved the acquisition of the remaining shares in its 75%-owned Advance Synergy Capital Bhd at 60 sen per share and the subsequent delisting of the latter. “It is better for them (shareholders) to realise their investments at the current offer price and see how to invest again when things get better and clearer,” he added.

By The Star

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