- Rebranded and renamed company to embark on a new chapter of growth; eyes portfolio growth and diversification as well as AEIs (as defined below) to improve guest experience and optimise value of assets
SINGAPORE, Jan. 26, 2024 /PRNewswire/ — Prosper Cap Corporation Limited ("ProsperCap" or the "Company", and together with its subsidiaries, the "Group"), a company with a focus on investing in and managing the operations of hospitality and lodging-related business, will be making its trading debut on the Singapore Exchange ("SGX") Catalist board at 9.00 a.m. on Friday, 26 January 2024, following the completion of a reverse takeover ("RTO") of 3Cnergy Limited. The listing ceremony of ProsperCap will be held on the morning of 29 January 2024.
Strong Potential in Post-Pandemic Travel Recovery
ProsperCap owns a portfolio of 17 predominantly upscale hotels with a total of 3,383 keys located in key regional cities in the United Kingdom operated under franchise agreements with well-known international hotel brands, namely Hilton, IHG and Marriott.
The portfolio has enjoyed a strong recovery, following the post-pandemic lifting of all social and travel restrictions worldwide. For the six months ended 30 June 2023 ("1H2023"), the Group’s hospitality portfolio registered a net profit of approximately £27.8 million on the back of revenue increasing 17.4% to approximately £67.9 million from approximately £57.9 million in the same period a year ago ("1H2022"). Similarly, overall weighted average occupancy of the portfolio improved to 77.9% in 1H2023 compared to 68.9% in 1H2022 with an overall weighted rooms revenue per available room ("RevPAR") recovering to £75.44 in 1H2023 compared to £63.99 in 1H2022.
In order to maintain momentum and leverage the post-pandemic recovery, the Group intends to work on a number of asset enhancement initiatives ("AEIs") aimed at maintaining and improving customer experience and thus the marketability of its existing portfolio of properties. The Group will also be actively exploring opportunities to further diversify its portfolio and expand its global footprint.
Commenting on growth plans, Chief Executive Officer and Executive Director of ProsperCap, Mr Iqbal Jumabhoy said, "We are very delighted to be able to kick-off the new year with the listing of ProsperCap, which is a significant milestone for the Group and also for our major shareholder, Thai-conglomerate, DTGO Corporation Limited. As we embark on this new chapter as a listed company, we now look forward to further bolstering our presence as an owner and manager in the global hospitality and lodging-related market, while at the same time inculcating strong sustainability and social values in our business and investments, maximising both financial and social returns for all our stakeholders.
The Group intends to leverage the extensive network of the DTGO Group as well as our relationships with third parties to acquire currently operational and revenue-generating hospitality or lodging assets such as hotels, serviced apartments or purpose-built student or worker dormitories all over the world."
About DTGO Corporation Limited
ProsperCap is a subsidiary of DTGO Corporation Limited ("DTGO Corporation", together with its subsidiaries, "DTGO Group"), a Bangkok-based conglomerate with a range of businesses including property development, commerce and technology, design and construction, finance and investment, and entertainment and communication.
Founded in 1993 with a strong brand value aimed at being an ethical and socially responsible company with a ‘business-social’ principle focused on developing successful, enduring businesses that enhance the quality of life. Since its inception, DTGO Group has contributed approximately 2% of its revenue to social programmes. It has also won numerous awards in respect of good corporate governance, sustainability and social initiatives. DTGO Group has been awarded the prestigious ‘World’s Most Ethical Companies’ by the US-based Ethisphere Institute from 2019 to 2023. It is the first Thai company to be recognised for this award which undertakes rigorous Ethics Quotient (EQ) surveys.
Business Group Chairman – Finance & Investment of DTGO Corporation, Mr Hansa Susayan said, "DTGO Group has built an established and strong portfolio of ethical and socially responsible businesses over the years, constantly staying true to our brand ethos as a ‘business-social’ company. Singapore, as a trusted financial centre, has been consistently ranked as having the top three best corporate governance in Asia by the Asian Corporate Governance Association, which aligns with DTGO Group’s brand values as ProsperCap embarks on this new chapter of growth while adhering to good corporate governance practices to deliver value to all our stakeholders and the community we serve."
Issued for and on behalf of ProsperCap
About Prosper Cap Corporation Limited
Prosper Cap Corporation Limited plans to grow its presence as owner and manager in the global hospitality and lodging-related market. The Group currently owns a portfolio of 17 predominantly upscale hotels with a total of 3,383 keys located in key regional cities in the United Kingdom, with two of the hospitality assets located in Scotland and the remainder in England. The hospitality assets are managed by a leading hotel operator experienced with international and multi-brand hotel portfolios and operated under franchise agreements with well-known international hotel brands, namely Hilton, IHG and Marriott. Future strategic initiatives include expanding the portfolio and enhancing guest experiences. The Group is committed to a long-term value-added investment strategy that focuses on innovation in keeping with its financial and societal objectives for sustainable operations.
This announcement has been reviewed by the Company’s sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made, or reports contained in this announcement.
The contact person for the Sponsor is Ms Foo Jien Jieng, 16 Collyer Quay, #10-00 Collyer Quay Centre, Singapore 049318, email@example.com.