ProsperCap

SINGAPORE: ProsperCap made its SGX Catalist trading debut at 9am on Friday (26 Jan), PR Newswire reports. This comes following the successful completion of a reverse takeover (“RTO”) of 3Cnergy Limited. The official listing ceremony is scheduled for Monday morning (29 Jan).

ProsperCap boasts a robust portfolio of 17 upscale hotels, totaling 3,383 keys, strategically located in key regional cities in the United Kingdom.

Operating under franchise agreements with internationally recognised hotel brands such as Hilton, IHG, and Marriott, the portfolio has witnessed a remarkable recovery in the aftermath of the global pandemic.

For the six months ended Jun 30, 2023 (“1H2023”), the Group’s hospitality portfolio reported a net profit of approximately £27.8 million. Revenue saw a notable increase of 17.4%, reaching approximately £67.9 million compared to £57.9 million in the same period a year ago (“1H2022”).

The overall weighted average occupancy of the portfolio improved to 77.9% in 1H2023, compared to 68.9% in 1H2022. The recovery is further highlighted by the overall weighted rooms revenue per available room (“RevPAR”), which increased to £75.44 in 1H2023 from £63.99 in 1H2022.

See also  SGX Group gearing up to list active ETFs

To sustain and amplify this momentum, the Group plans to implement asset enhancement initiatives (“AEIs”) aimed at enhancing customer experience and the marketability of its existing properties. Additionally, ProsperCap will actively explore opportunities to diversify its portfolio and expand its global footprint.

In a statement, Mr Iqbal Jumabhoy, the Chief Executive Officer and Executive Director of ProsperCap, expressed enthusiasm about the listing.

He said, “We look forward to further bolstering our presence as an owner and manager in the global hospitality and lodging-related market. Our focus remains on inculcating strong sustainability and social values in our business, ensuring financial and social returns for all stakeholders.”

/TISG

Read related: Seatrium refinances loan facility with $400M from DBS