Latest news with #ExsimHospitality
New Straits Times
3 days ago
- Business
- New Straits Times
Summit Hotel USJ to undergo RM45mil refurbishment
KUALA LUMPUR: The Summit Hotel Subang USJ will undergo a major refurbishment and rebranding exercise costing up to RM45 million, following the appointment of Exsim Hospitality Bhd's unit as the new hotel operator and project manager. In a filing with Bursa Malaysia, Exsim Hospitality said its wholly owned subsidiary Mana Mana Holdings Sdn Bhd accepted the letter of offer from Maybank Trustees Bhd, acting on behalf of AmFIRST Real Estate Investment Trust, on Aug 6. The refurbishment works are expected to be completed and the hotel re-opened within 15 months, subject to mutually agreed adjustments. "The board, after having considered all aspects of the letter of offer, is of the opinion that the appointment is within the ordinary course of business of Exsim Hospitality and the acceptance is in the best interest of the company," it said. It added Mana Mana will receive a RM220,000 fee for its role as project manager and will enter into a tenancy agreement with the landlord. Under the agreement, the company will pay a base rent of RM600,000 per month, plus additional rent based on revenue sharing above a defined threshold. The tenancy will be effective for an initial term of three years, with automatic renewals for two further three-year periods unless terminated in advance. Exsim Hospitality said the appointment is expected to contribute positively to its net assets, earnings per share and gearing.
New Straits Times
02-05-2025
- Business
- New Straits Times
Exsim Hospitality bags Nestcon Builders job
KUALA LUMPUR: Exsim Hospitality Bhd's subsidiary Exsim Concepto Sdn Bhd has received a letter of award from Nestcon Builders Sdn Bhd for a sub-contract valued at RM17.2 million. It involves the design, supply, fabrication, delivery and installation of interior fit-out works for apartment units. In a filing with Bursa Malaysia, Exsim Hospitality said work will begin on May 2, with completion scheduled for March 20 next year. The company added that the defect liability period will start on the completion date and continue for 27 months from the issuance of the certificate of practical completion. Exsim Hospitality's share price ended unchanged at 35 sen, with a trading volume of 613,800 shares, bringing its market capitalisation to RM325.1 million.
