Chip Eng Seng to acquire remaining 30% stake at Maldives JV for US$1.3m

The company will fund the acquisition from internal cash resources.

Chip Eng Seng, through its wholly-owned subsidiary CES Hotels Maldives (CESHM), has entered an agreement to purchase the remaining 30% stake in the joint venture company, CES tropical Maldives (CES Tropical), from Tropical Developments for US$1.3m.

CESHM already owns 70% of the issued share capital of CES Tropical.

In a bourse filing, The company said it will fund the acquisition through internal cash resources. It will pay the purchase price via cash to the seller on completion of the acquisition.

Completion shall take place no later than 10 business days from the date of execution of the sale and purchase agreement," the company said.

After completion, CES Tropical and Samarafushi Pvt Ltd will be wholly owned by the company.

CES Tropical holds 99 per cent. of the issued share capital of SPLL.

The director nominated by Tropical Developments will also resign from his directorships in CES Tropical and SPL upon completion of the acquisition.

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