Atlan To Purchase 188 Year Old UK Hotel For RM57 Million

October 20, 2022

Atlan had entered into conditional agreements on property sale and purchase agreement with Belle Isle Property Ltd for the purchase of The Cornwall Hotel Spa & Estate located in the United Kingdom for RM57 million.
The said property will be purchased for a total cash consideration of GBP10,800,000 (equivalent to RM57 million). The Property Acquisition and Asset Acquisition are collectively deemed to be related party transactions in view of the interests of
Dato’ Sri Adam Sani Bin Abdullah, the Company’s Executive Chairman and major shareholder is also deemed interested in BIP by virtue of his interest in Chesterwood Ventures Limited, being the registered shareholder of BIP, who is the vendor in the Property Acquisition and Asset Acquisition.