Tuesday, March 9, 2010

YTL Corp unit to acquire Japanese resort for RM222mil

PETALING JAYA: YTL Corp Bhd’s wholly-owned subsidiary YTL Hotels & Properties Sdn Bhd has entered into an agreement to purchase a Japanese village resort for 6 billion yen (about RM222mil).

In a filing with Bursa Malaysia yesterday, YTL said the proposed acquisition would enable the group to participate in one of Japan’s finest ski resort destinations on Hokkaido island with potential to develop into a world class four season resort through luxury residential development and mountain retail development.

“The proposed acquisition is not expected to have an immediate material effect on the earnings, net assets and gearing of the group for the current financial year. However, it is expected to improve the earnings of YTL Corp in the longer term,” it added.

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