The Star Online: Business
The Star Online: Business |
- I-Bhd partners Best Western for hotel venture
- Sumatec shares, warrants surge while rights go ex
- KLCI nears 1,800 after US debt deal reached
| I-Bhd partners Best Western for hotel venture Posted: SHAH ALAM: I-Bhd has partnered with Best Western International, the world's biggest hotel chain, to develop the first hotel in the 29ha i-City project, scheduled to open in September 2014. The three-star hotel, Best Western@i-City, has a gross development value of RM50mil, and represents the first of two hotels planned for the international park. At the signing ceremony between the two parties, I-Bhd deputy chairman Datuk Eu Hong Chew said the hotel would probably have one of the shortest gestation periods due to the attractions based in the park. Meanwhile, Best Western will also manage its first Best Western Service Suite in the country by providing hospitality and building management services for a period of 5+5 years. "It is a standard arrangement with all our hotel owners. After that period, it is an automatic renewal unless there is an issue," said Best Western vice president of international operations for Asia and the Middle East Glenn de Souza. He added that the hotel would be an addition to its international portfolio and would be promoted overseas. "i-City is pretty self-contained, it's like a one-stop shop. We would work with the tourism organisation to promote i-City. It would attract a lot of foreigners because it provides everything for families and businesses," he said. Best Western Service Suite@i-City will comprise 826 units of serviced residences. It will be the first hotel-branded residential development in Shah Alam and is expected to be completed in 2016. Eu added that the project would be launched by the end of this year. I-Bhd expects the hotel to enhance the number of visitors to the theme park attractions, as visitors now have the option of staying within i-City. "The rooms would be comfortable and trendy. Rather than compete with the other facilities within i-City, we would complement and support them," de Souza said. The hotel is part of the third building block in the development of i-City as a tourism destination, said Eu. "The three tourism components are i-City's theme park attractions, a 1.5-million-square-feet super regional shopping mall and hotels," he said. To-date, the company has invested RM70mil in various rides and attractions. Eu added that I-Bhd planned to invest an additional RM30mil in the theme park in the next few years. I-Bhd is working with Thailand's Central Retail group to develop the RM580mil CentralPlaza@i-City, which has been slated for completion in 2016. Best Western has more than 4,100 hotels in more than 100 countries worldwide. In Malaysia, it currently operates in KL Sentral, Kota Kinabalu, Sandakan, Pulau Pangkor and Port Dickson. It plans to have 15 hotels in the country by end-2015. Selangor Mentri Besar Tan Sri Abdul Khalid Ibrahim, who officiated the signing ceremony, said there were still opportunities for international-class hotels within the capital city. "I hope this project would be an eye opener for other international hotel operators," he said. |
| Sumatec shares, warrants surge while rights go ex Posted: KUALA LUMPUR: Sumatec Bhd shares and its warrants surged early Thursday as its renounceable rights issue of up to 2.72 billion new shares went ex under its corporate exercise to exit the Practice Note 17. At 9.42am, shares of the oil and gas company surged 11 sen to 33.5 sen with 25.93 million shares done. Its warrants jumped six sen to 22 sen to 21.69 million units done. The FBM KLCI was up 8.79 points to 1,800.16. Turnover was 410.79 million shares valued at RM193.40mil. There were 320 gainers, 93 losers and 211 counters unchanged. Under the exercise, the company will raise RM453mil to fund its oil and gas production activities at the Rakushechnoye oil field in Kazakhstan. Sumatec said its corporate exercise involved a renounceable rights issue of up to 2.72 billion new shares of 14 sen each together with 680.55 million free detachable warrants. This was on the basis of 41 rights shares for every 10 existing ordinary shares of 14 sen each in Sumatec together with one warrant for every four rights shares subscribed at an issue price of 17.5 sen per rights share . The rights will start trading on Oct 22 and cease quotation on Oct 29. |
| KLCI nears 1,800 after US debt deal reached Posted: KUALA LUMPUR: Malaysia's FBM KLCI advanced early Thursday as investor sentiment was given a lift by news that a US debt deal had been reached in the 11th hour to avert a default. At 9.02am, the FBM KLCI was up 7.41 points to 1,798.78. Turnover was 49.10mil shares valued at RM28.95mil. There were 120 gainers, 20 losers and 113 counters unchanged. Petronas Gas rose 30 sen to RM23 and Petronas Dagangan six sen to RM29.70. UMW rose six sen to RM12.18. Hong Leong Bank gained 10 sen to RM14.40 but AmBank slipped four sen to RM7.42. Among plantations, PPB Group rose 10 sen to RM14.50 and KL Kepong six sen to RM22.96. Among the consumer stocks, BAT was the top gainer, adding 40 sen to RM63.30. However, Carlsberg fell 10 sen to RM12.58 and Nestle four sen to RM67.98. As for property stocks, Mah Sing shed three sen to RM2.41, SP Setia two sen to RM3.21 and Plenitude one sen to RM2.30. |
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