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HOTELS & TOURISM | Staff Reporter, Singapore

Roxy-Pacific to buy $43m resort property in Maldives

It will be financed by internal funds and bank loans.

The property firm has made a significant stride in the tropical nation as it acquires the leasehold interest of the Kudafunafaru island at Noonu Atoll in Maldives.

According to a press release by Roxy-Pacific, the acquisition will be subject to the standards of the government of Maldives together with all assets, property, rights, economic interests and obligations.

“The Acquisition is on a vacant possession basis and does not involve the transfer of any business obligations. The Acquisition is subject to certain conditions, including the Company’s ability to obtain approval from the Government of Maldives for the sale and purchase of the head leasehold interest in the Property,” the press release said.

The press release added that the acquisition will be financed by internal funds and bank borrowings (where appropriate) and is not expected to have a material impact on the Group’s consolidated earnings and net tangible assets per share of the firm for the current financial year.

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