SGX serves Datapulse notice of compliance over hotel deals

It wants Datapulse's audit committee to vet hospitality-related deals involving chairman's firm to ensure they are on normal commercial terms

Vivienne Tay

Published Fri, Jul 19, 2019 · 09:50 PM

SGX

Singapore

THE Singapore Exchange (SGX) has issued a notice of compliance to Datapulse Technology relating to its recent minority investments in two hotels and the awarding of hotel management agreements to firms linked to the company's chairman and controlling shareholder.

Datapulse had earlier entered transactions to acquire a 5 per cent stake in Bay Hotel Singapore and a 15 per cent stake in Holiday Inn Express Euljiro in Seoul.

The stakes were "sold with vacant possession".

The notice of compliance on Friday comes two days after Datapulse confirmed in its response to SGX queries that Travelodge Hotels Asia (TLA) was the hotel management company engaged to manage Holida…

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes