Keck Seng shares flat on plans to buy hotel investment platform
12 Mar 2018 / 11:23 H.
PETALING JAYA: Keck Seng (Malaysia) Bhd's (KSM) shares was flat at RM4.32 this morning, despite announcing its plans to buy a stake in hotel investment platform AccorInvest Group SA for RM121 million last Friday.
At 10.58am, the stock stood at RM4.32 with some 5,000 shares changing hands, giving it a market capitalisation of RM1.55 billion.
KSM said it intends to gain exposure to a diversified portfolio of hotels in Europe with resilient income stream and opportunities for value creation.
AccorInvest, which is owned by European hotel giant Accor SA, is the world leader in hotel real estate, with a current portfolio of 891 hotels.
KSM is involved in plantation, hotel and property businesses.