BUSINESS

ARGHB OFFERS TO HELP HOTEL INDUSTRY PLAYERS AFFECTED BY COVID-19

25/08/2020 01:57 PM

By Nor Amirah Mahmuddin

KUALA LUMPUR,  Aug 24 – A Rock Group Holdings Bhd (ARGHB) is targeting to acquire RM500 million worth of hotels until the middle of 2021 to help business owners cope with the COVID-19 pandemic.

In its newly launched business model, ARGHB will concentrate on acquisitions, mergers or other forms of smart partnership with hotels in prime tourist areas that have difficulty sustaining their business.

ARGHB founder Datuk Joe Chong said the coronavirus outbreak has destroyed businesses especially those involved in the tourism industry, adding the company aims to create all forms of partnership or purchase hotels that have been closed or face heavy losses due to the pandemic.

"ARGHB will focus on three- to five-star hotels that are having difficulty sustaining their operations by purchasing, forming a joint venture or injecting funds to their businesses,” he told BERNAMA recently. 

He added that this will help businesses to have other alternatives to recover and avoid closing down their operations.            

Chong said supporting local hotels will also help communities to survive through the pandemic and reduce the risk of being laid off or taking unpaid leave over a period of time.

The company also encourages entrepreneurs and individuals with medium to low income to be shareholders in its growing asset portfolio in prime tourist areas.

To date, the company owns assets worth RM50 million including SDD Holdings Sdn Bhd, Millions Infinity Sdn Bhd, Zekimas Harta Sdn Bhd and A Rock Resort in Langkawi.

He said even though the tourism industry has been badly affected by the COVID-19 pandemic, the company sees business opportunities along with economic improvement once the crisis ends.

“As the tourism industry starts to recover progressively, it is the best time to penetrate the market and create added value so we are all set for a rebound,” he said.

He said the company cooperates with the government and local celebrities to promote its properties as well as build trust among stakeholders, business partners and customers. 

“We hope to build and gather entrepreneurs, investors and industry experts with the same vision and frequency to solve the funding problem faced by the tourism industry,” he added.

-- BERNAMA

 

 

 

 


 


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