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BUSINESS

TCS to construct, complete IOI City's Moxy Hotel for RM108.38 mln

19/08/2022 01:57 PM

KUALA LUMPUR, Aug 19 (Bernama) -- TCS Group Holdings Bhd has secured a RM108.38 million project from IOI City Hotel Sdn Bhd to construct a 495-room hotel in Selangor.

In a filing with Bursa Malaysia today, TCS group intends to fund the development of the proposed hotel, called Moxy Hotel, via internally generated funds and/or borrowings.

“The contract will not have any effect on the issued share capital and the shareholding of the substantial shareholders of TCS.

“The award is expected to contribute positively to the future earnings and net assets of TCS for the duration of the contract,” it said.

The completion time for the contract shall be 16 months commencing on September 1, 2022 and is expected to be completed by Dec 31, 2023.

-- BERNAMA


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