16 Jul 2014
Acquisition of Augustland Hotel Sdn Bhd
Rajah & Tann LLP, together with its Malaysian associate office, Christopher & Lee Ong, acted for SGX-ST Mainboard-listed HL Global Enterprises Limited, in the acquisition by its wholly-owned subsidiary, Augustland Sdn Bhd, of the remaining 55% of ordinary shares and preference shares in the capital of Augustland Hotel Sdn Bhd from Amcorp Leisure Holdings Sdn Bhd and Hotel Equatorial (M) Sdn Bhd, for an aggregate consideration of RM16.51 million (equivalent to approximately S$6.46 million). The acquisition was completed on 8 July 2014 and Augustland Hotel Sdn Bhd became a wholly-owned subsidiary of HL Global Enterprises Limited.
The core businesses of HL Global Enterprises Limited and its subsidiaries (“Group”) are that of hospitality operations, property development and investment holding. Under its hospitality operations, the Group currently has interests in and manages Copthorne Hotel Cameron Highlands (formerly known as Equatorial Cameron Highlands), Copthorne Hotel Qingdao and Elite Residences in Shanghai. It also manages Hotel Equatorial Shanghai.
Augustland Hotel Sdn Bhd is engaged principally in the business of hotel development and operation and owns Copthorne Hotel Cameron Highlands (formerly known as Equatorial Cameron Highlands) in Malaysia.
Partners Lawrence Tan and Soh Chai Lih, and associate Cynthia Wu were the Rajah & Tann partners and lawyers involved in this deal. Their Malaysian counterparts were Partner Yon See Ting and associates Kelvin Kho and Tang Hung Ping from Christopher & Lee Ong.