By Sharen Kaur
sharen@nstp.com.my
Published in NST on January 20, 2011
ZINC InVision Hospitality, which aims to manage 30 hotels in Asia Pacific by end-2013 may go public in about five years to raise funds for its expansion, executive director Rahul Chaudhary said, adding that an initial public offering will accelerate the company's growth.
"But we would first need to build the company in terms of assets and revenue. For now, we have Z-I Capital for our funding requirements," he said.
"Where or how much we want to raise depends on the size of the company then," he told Business Times yesterday in Kuala Lumpur, at the briefing on Zinc InVision by Cinnovation CG president, Binod Chaudhary.
Zinc InVision, set up this month, is a 51:49 joint venture between Cinnovation, a Singaporean investment firm and Thailand's InVision Hospitality.
Cinnovation is part of the Nepal-based global conglomerate Chaudhary Group, which has holdings in excess of US$1 billion (RM3.05 billion). Z-I Capital is the investment fund set up by existing shareholders of Zinc InVision.
Zinc InVision is investing US$180 million (RM549.3 million) over three years in new hotel developments and management operations in eight sites in Asia Pacific, including Malaysia. The company aims to have 30 properties under management by the end of 2013, up from the current five. The bulk of the properties will operate under its own brands - Zinc City, Glow Studios, Zinc Edge, Zinc Living, Zinc Journey, Soma and Touch by Zinc.
In Malaysia, it will manage the Rice Miller Hotel & Residence in George Town, Penang, and Soma Lepa & Lepa, off Sipadan Island in Sabah, by end-2013.
The 70-room Rice Miller and the Soma Lepa & Lepa, which will have 80 to 100 rooms, are at the design stage. They will be built for RM230 million (RM701.9 million) and RM150 million (RM457.8 million).
Rice Miller is owned by Asian Global Business Sdn Bhd, controlled by Dr Noraini Abdullah, who was formerly in charge of Renong Bhd's group corporate communications, while Soma Lepa & Lepa is owned by some low-profile private investors.
Chaudhary said Zinc InVision is looking to manage three more properties here and is identifying suitable properties and locations.
(ends)
sharen@nstp.com.my
Published in NST on January 20, 2011
ZINC InVision Hospitality, which aims to manage 30 hotels in Asia Pacific by end-2013 may go public in about five years to raise funds for its expansion, executive director Rahul Chaudhary said, adding that an initial public offering will accelerate the company's growth.
"But we would first need to build the company in terms of assets and revenue. For now, we have Z-I Capital for our funding requirements," he said.
"Where or how much we want to raise depends on the size of the company then," he told Business Times yesterday in Kuala Lumpur, at the briefing on Zinc InVision by Cinnovation CG president, Binod Chaudhary.
Zinc InVision, set up this month, is a 51:49 joint venture between Cinnovation, a Singaporean investment firm and Thailand's InVision Hospitality.
Cinnovation is part of the Nepal-based global conglomerate Chaudhary Group, which has holdings in excess of US$1 billion (RM3.05 billion). Z-I Capital is the investment fund set up by existing shareholders of Zinc InVision.
Zinc InVision is investing US$180 million (RM549.3 million) over three years in new hotel developments and management operations in eight sites in Asia Pacific, including Malaysia. The company aims to have 30 properties under management by the end of 2013, up from the current five. The bulk of the properties will operate under its own brands - Zinc City, Glow Studios, Zinc Edge, Zinc Living, Zinc Journey, Soma and Touch by Zinc.
In Malaysia, it will manage the Rice Miller Hotel & Residence in George Town, Penang, and Soma Lepa & Lepa, off Sipadan Island in Sabah, by end-2013.
The 70-room Rice Miller and the Soma Lepa & Lepa, which will have 80 to 100 rooms, are at the design stage. They will be built for RM230 million (RM701.9 million) and RM150 million (RM457.8 million).
Rice Miller is owned by Asian Global Business Sdn Bhd, controlled by Dr Noraini Abdullah, who was formerly in charge of Renong Bhd's group corporate communications, while Soma Lepa & Lepa is owned by some low-profile private investors.
Chaudhary said Zinc InVision is looking to manage three more properties here and is identifying suitable properties and locations.
(ends)
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