KUALA LUMPUR: YTL Corp Bhd’s managing director Tan Sri Francis Yeoh today said that he may consider a share buyback with the recent beating the group’s share price has taken in the market.
He does not see a specific reason for the selldown, which started in earnest towards the end of October and declined to elaborate further on the matter. One of the resolutions for its AGM to be held on Dec 12, 2017 is for the renewal of a share buyback programme.
The group’s share price closed one sen lower to RM1.15 with some 5.27 million shares changing hands. In the last one year, it has lost close to 20% of its share price.
“Nothing’s going to change in terms of policy or what YTL stands for. YTL’s business models are long term in nature,” said Francis when asked to comment on the group’s standing with the passing of his father Tan Sri Yeoh Tiong Lay, who also founded YTL Corp.
He added that the next generation is in place, adding that YTL Corp has a long term footprint in its businesses and has been paying dividends yearly since its listing.
Francis was speaking at the signing of agreements between YTL Hotels and Marriott International to develop four hotels in Malaysia and Japan today.
YTL Hotels and Marriott International signed management contracts to develop two new luxury hotels in Malaysia under the JW Marriott and Edition brands, and a memorandum of understanding for another two hotels in Japan.
The new collaborations in Malaysia and Japan will expand the strategic relationship to 15 international properties across six brands.
In Malaysia, YTL Hotels’ second JW Marriott hotel will be located near KL Sentral. The Edition in Kuala Lumpur, Malaysia’s first, will be located near KLCC.
YTL Hotels executive director Datuk Mark Yeoh said the approval process will take some 18 months before construction can start, which will take two to three years.
In Japan, it is planning for an Edition and a W Hotel in Niseko Village, Hokkaido. It did not disclose the investments involved.
Francis said its 20-year relationship with Marriott International has been pivotal to the growth of YTL Hotels in Malaysia, Asia and in the UK.
YTL Hotels has 11 Marriott International hotels in its portfolio of 32 hospitality assets.
YTL Hotels also today relaunched its 578-room JW Marriott Kuala Lumpur after having undergone a refurbishment exercise.
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