Fragrance Group/Hotels : Global Premium Hotels IPO

[Mdm Tang]

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Video:


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Global Premium Hotels to raise S$117m in S'pore IPO
By Janice Wu | Posted: 19 April 2012 1902 hrs


Global Premium Hotels to raise S$117m in S'pore IPO

SINGAPORE: Fragrance Group is one of the biggest gainers on the Singapore Exchange on Thursday. The stock rallied more than three per cent after its hotel and hospitality unit, Global Premium Hotels (GPH), priced its initial public offering.


GPH wants to raise S$117 million selling shares to fund the acquisition of Fragrance Group's hotel portfolio. Fragrance will retain majority ownership of GPH.

The company priced 450 million new shares at 26 cents apiece, with an over-allotment option of 67.5 million shares.

It said it is confident Singapore's integrated resorts and more frequent flights by budget carriers into the country will support is expansion plans.

Eddie Lim Chee Chong, CEO of Global Premium Hotels Limited, said: "This IPO or restructuring exercise will streamline the group's portfolio - one will be property development and the other, hotel development and operations.

"This will give investors a clear choice of what they want to invest in - the hospitality industry or another property counter. With this, we are able to focus on both businesses - property development, and hotel development and operations."

Fragrance Group stock has more than doubled in the past year, helping elevate founder Koh Wee Meng to the ranks of Singapore billionaires.

 

[po2wq]

hotel18-n-above boss oredi done it ... tis fella wen going 2 show himself donating moni? ...

 

[Raiders]

Actually, this is a stock worth buying. Just look at the queue at the hotel. As long as the government dont take away their transit rights, dont issue any more license for transit, its a sure win for the stock. The only wrong thing fragrance is doing compared to Hotel81 is that, they love to employ stuck up pinay staffs at the reception. When the hotel exist side by side with 81, I will choose the latter.