Merukh Enterprises Corporation, controlled by Indonesian tycoon Jusuf Merukh, has acquired 100% holding in hotel and office building Park Regis, Singapore, for about US$218 million from Royal Brothers Group.
"We use bank loan and internally generated cash flow to support the acquisition financing," said Rudy Merukh, President Director and Chief Executive Officer of Merukh, as reported by local newspaper today.
Park Regis Hotel manages 203 rooms from standard and executive class. The hotel is located at the same place with 42,000 meter squares office building.
Merukh Enterprises is also eyeing 66.67% holding in Patra Jasa Hotel currently owned by PT Pertamina and being offered by PT Perusahaan Pengelola Aset, the state-owned company taking care of several assets.
Via its subsidiary PT Lebong Tandai, Merukh has proposed Rp2.85 trillion and Rp118 billion guarantee to buy Patra Jasa Hotel.
Disclosure: No position at the stock mentioned above.
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