Suave Hotels - Outcome of Board Meeting
Suave Hotels Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 25, 2008, inter alia, has considered the following:
1. In keeping with its strategy of expansion, Suave Hotels Ltd in consortium with Manbhari Biofuels Pvt Ltd has entered into a Memorandum of Understanding for the Acquisition of Hotel The Byke Resort, Matheran, a Three Star hotel, with the shareholders of Hotel Relax Pvt Ltd, which owns Hotel The Byke Resort, Matheran.
2. In a bid to have an international presence, the Company has identified a hotel Pattaya, Thailand in which Suave Hotels Ltd is planning to have a majority stake together with a local Thai Company. The approximate project cost is Rs 100 million.
3. Suave Hotels Ltd is entering into a joint venture with the Florence Group of Jaipur to developing, constructing and operating a Five Star Hotel involving a cost of Rs 1500 million on 7.5 Acres of land adjoining Hotel Le Meridian located on the Jaipur - Delhi Highway.
To complete the above mentioned projects the Board of Directors at their meeting has decided to:
(i) Issue of shares / warrants / FCDs / Foreign Currency Convertible Bonds (FCCB) and any other instrument to promoter group, friends, relatives and any other group or individual to meet the financial commitments in proposed expansion program.
(ii) Called for an Extraordinary General Meeting be held on March 24, 2008 to give effect to the above.
Tags: Suave Hotels