Pan Malaysia Unit To Invest In London Hotels Run By MUI Berhad
Pan Malaysia Corporation Berhad (PMC) announced that its indirect wholly-owned subsidiary, PMRI Investments (Singapore) Pte Ltd, has entered into a preference share subscription agreement to invest in the London hotel operations of Malayan United Industries Berhad (MUIB).
The deal involves the subscription of 500,000 Cumulative Redeemable Non-Convertible Preference Shares (CRNCPS) in London Vista Hotel Limited (LVHL) for a total cash consideration of GBP500,000 (approximately RM2.96 million).
The subscription offers PMC a stable, fixed-income entry into the UK hospitality sector. Upon completion, PMC (via PMRI) will hold 6.0% of the total issued CRNCPS of LVHL, joining other holders such as Regent Corporation and MUI Properties Berhad
In its filing, PMC stated that the 6% coupon provides a predictable income stream that is more attractive than many conventional fixed-income instruments currently available in the market.
