KUALA LUMPUR ,Malaysia (September 25,2007) - Malaysia's Tradewinds Corp Bhd said yesterday its wholly-owned unit TCB Wakil Sdn Bhd has won the bid to acquire a 99.71 percent stake in Bristol Mixed Hotel-Tourism and Trade Co Ltd, the developer of a hotel in Bosnia, held by the Bosnian government for 6,3 million Bosnian Marks (4,5 million US Dollars).
In a stock exchange filing, Tradewinds, one of Malaysia's largest hotel owners, said TCB Wakil has also agreed to complete the construction of a hotel currently undertaken by Grand Hotel Bristol Ltd Sarajevo for a total cost of 22 million Bosnian Marks (15,8 million US Dollars).
The proposed acquisition will enable the group to acquire a strategic asset in Bosnia. With the acquisition, the group will be able to tap into the tourism market in Europe and diversify the present concentration of hotel business in Malaysia abroad,' the company said.
Currently, there are only four hotels having hotel ratings above four-star in Bosnia and only one is an internationally affiliated hotel, it said.Trading in Tradewinds shares has been suspended to facilitate the announcement.
Tuesday, September 25, 2007
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