SINGAPORE (Sept 3): Hotel operator and property developer Bonvests has acquired a company and several other properties in Morocco, totalling some $29.9 million.
In an SGX filing on Tuesday, Bonvests reported that it had acquired a 99.97% stake in Moroccan-registered Goldcove SA for a consideration of 353,900 Dirhams ($51,000).
Goldcove SA has also reportedly entered into agreements with third party vendors to acquire a hotel and several other properties in Marrakech, Morocco. The total purchase consideration amounted to 207,521,000 Dirhams ($29.9 million).
Among the properties are La Maison Arabe - a riad-hotel located in The Medina of Marrakech; and a plot of land located 15 minutes away by the hotel shuttle with a total land area of approximately 33,322 sqm.
Bonvests says that the acquisition will be financed by a combination of internal funds and bank borrowings.
Shares in Bonvests closed flat at $1.26 on Tuesday prior to the announcement.
