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News - Detailed News Story

Datapulse justifies hotel investments; will comply with SGX RegCo's notice of compliance

24 Jul 2019 09:00

By Leila Lai

DATAPULSE Technology says it will comply with a directive from the Singapore Exchange Regulation (SGX RegCo) relating to its recent minority investments in two hotels and the awarding of hotel management agreements to firms linked to the company's chairman and controlling shareholder. In response to a notice of compliance from SGX RegCo last Friday, Datapulse said on Monday that it would be complying with the relevant requirements stipulated.

It also explained that the basis for its recent investments in two hotels was to further its property business mandate. Datapulse received shareholder approval in March to expand the mandate to include acquisitions and investments in hotels and hospitality assets, whether by way of majority or minority stakes, and whether on a stand-alone basis or in joint venture with selected capital partners.

SGX RegCo's notice of compliance required Datapulse to disclose its basis for determining how minority stake investments in any hotel are in the interest of minority stakeholders, and to vet its hospitality-related agreements with Travelodge Hotels Asia (TLA), the hotel management company engaged to manage Holiday Inn Express Euljiro, a Seoul hotel in which Datapulse acquired a 15 per cent interest.

This was to address concerns that terms of hospitality-related transactions involving ICP Group may not be on normal commercial terms, as TLA is a unit of ICP Group, a company in which Datapulse chairman Aw Cheok Huat is a controlling shareholder and director. ICP provides hotel management services to certain hotels owned by investment holding company Plenitude, which is also the parent company of Bizcentre Capital. Bizcentre Capital owns the remaining 85 per cent of the Seoul hotel.

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Source: Business Times

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