ICP ditches purchase of 5% stake in Osaka hotel

Published Wed, Jan 20, 2021 · 10:50 PM

CATALIST-LISTED ICP said in a regulatory update on Wednesday that it has terminated plans to acquire a 5 per cent trust-beneficiary interest in the b Osaka Midosuji Hotel in Japan.

This comes as the conditions for the purchase-and-sale agreement could not be fulfilled in its entirety, said ICP.

There is no financial impact on the company, because, according to the terms of the agreement, the deposit will be refunded in full. ICP added that it will continue to engage with the vendor in respect of revising the terms of the proposed acquisition.

ICP had in November last year announced that its share of the purchase price was 532.5 million yen (S$6.9 million). Its total estimated acquisition cost will be 543.3 million yen, after factoring in professional fees and transaction costs.

Shares of ICP, which is in the business of hotel management, vessels investment and chartering, ended Wednesday at 0.8 cent, down 0.1 cent or 11.1 per cent.