Hotel Properties Limited (HPL) Announces Corporate Actions for Half-Year Ended 31 December 2025

Key Highlights for Investors

• Increase in Shareholding in Croatian Subsidiary: HPL (Croatia) Limited, an indirect wholly-owned subsidiary of HPL, has increased its equity stake in Kupari Luxury Hotels d.o.o. from 94.97% to 96.5% via a substantial share subscription of €6,648,050. The funds are to support the ongoing development of a Four Seasons Hotel and Residences near Dubrovnik.
• Members’ Voluntary Liquidation of Dormant Subsidiaries: Three dormant subsidiaries—Yarra Investments Pte. Ltd., HPL Gateway Investments Pte. Ltd., and Tiga Stars Pte. Ltd.—have been placed under members’ voluntary liquidation. This is part of a corporate streamlining exercise.
• Striking Off of Associated Companies: Several associated companies, including HRH Merchandise Singapore Pte. Ltd., Figurine Investments Inc., and Figurine Management Limited, have been struck off relevant company registers following completion of regulatory procedures in Singapore and the British Virgin Islands.
• Voluntary Liquidation of Associated and Jointly Controlled Entities: Figurine Resources Limited (Isle of Man) and three Jersey-incorporated entities—Ten Acre (Mayfair) Limited, Ten Acre (Mayfair) One Limited, and Ten Acre (Mayfair) Two Limited—have entered voluntary liquidation.

Detailed Breakdown of Announced Transactions

1. Increased Stake in Croatian Hospitality Venture

On 1 July 2025, HPL (Croatia) Limited subscribed for one additional share in Kupari Luxury Hotels d.o.o., raising its ownership to 96.5%. The cash injection of €6,648,050 is earmarked as working capital to advance the design and construction of a luxury Four Seasons Hotel and Residences on the Adriatic coast near Dubrovnik, Croatia. The development is positioned to become a flagship asset for HPL, potentially boosting long-term earnings through enhanced hospitality revenue.

Shareholder Note: While the transaction utilizes significant capital, the company has stated that this move is not expected to have a material impact on consolidated earnings per share (EPS) or net tangible assets (NTA) for the financial year ended 31 December 2025. No directors or controlling shareholders, other than through their existing shareholdings, have direct or indirect interests in this deal.

2. Liquidation of Dormant Subsidiaries

On 8 September 2025, HPL initiated a members’ voluntary liquidation for three dormant subsidiaries:

• Yarra Investments Pte. Ltd. (100%-owned by HPL Tourism & Leisure Pte. Ltd.)
• HPL Gateway Investments Pte. Ltd. (100%-owned by HPL Properties (West) Pte. Ltd.)
• Tiga Stars Pte. Ltd. (70%-owned directly by HPL)

The appointed liquidators are Mr. Leow Quek Shiong, Mr. Gary Loh Weng Fatt, and Ms. Seah Roh Lin of BDO Advisory Pte. Ltd.

Shareholder Note: The winding up of these entities is not expected to materially impact consolidated EPS or NTA. Notably, Mr. Ong Beng Seng, a substantial shareholder, is deemed interested in the remaining 30% of Tiga Stars Pte. Ltd., but there are no other related party interests.

3. Striking Off of Associated Companies

HRH Merchandise Singapore Pte. Ltd., a wholly-owned subsidiary of Leisure Ventures Pte. Ltd. (50%-owned by HPL), has been struck off the Singapore register after regulatory approvals. In the British Virgin Islands, Figurine Investments Inc. and Figurine Management Limited, both wholly-owned by HRC Holdings Pte. Ltd. (also 50%-owned by HPL), were struck off following compliance with BVI law.

Shareholder Note: These actions form part of HPL’s ongoing rationalization efforts, and are not expected to impact group-level EPS or NTA. Mr. Ong Beng Seng is also deemed interested in these companies through his substantial shareholding.

4. Voluntary Liquidation of Associated Company

On 23 December 2025, Figurine Resources Limited (Isle of Man), a wholly-owned subsidiary of HRC Holdings Pte. Ltd. (50%-owned by HPL), entered voluntary liquidation in accordance with Isle of Man regulations. All statutory procedures have been duly followed.

Shareholder Note: The winding up is not expected to have a material impact on HPL’s EPS or NTA. Again, Mr. Ong Beng Seng is listed as a deemed substantial shareholder.

5. Voluntary Liquidation of Jointly Controlled Entities

In November 2025, three Jersey-incorporated entities—Ten Acre (Mayfair) Limited (65%-owned by HPL (Mayfair) Pte. Ltd.), and its wholly-owned subsidiaries Ten Acre (Mayfair) One Limited and Ten Acre (Mayfair) Two Limited—commenced voluntary liquidation proceedings under Jersey law.

Shareholder Note: No directors or controlling shareholders have direct or indirect interests in these transactions beyond their shareholding positions. The group anticipates no material financial impact from these liquidations.

Potential Share Price Sensitivity

Investor Takeaway: All transactions reported for the half-year ended 31 December 2025 are part of HPL’s ongoing corporate restructuring and capital management programs. The increased stake in the Croatian Four Seasons project is noteworthy for its long-term value potential, but the company has explicitly stated that none of the transactions—including liquidations and striking-offs—are expected to have a material impact on HPL’s consolidated earnings or net tangible assets for the year.

While these actions reflect prudent housekeeping and potential positioning for future growth, there is no immediate newsworthy catalyst likely to move the share price in the short term based on these disclosures alone.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research and consult with professional advisers before making investment decisions. The information is based on company disclosures as of 27 February 2026 and may be subject to change.

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