Ex-Apple reseller in Singapore to buy hotel-retail business for $400m

The buy is expected to result in its reverse takeover of 2 companies.

Epicentre Holdings entered a memorandum of understanding to buy investment holding company MacroCap Asia Capital (MacroCap) and Gloria International Hotels (Gloria International).

The acquisition price is expected to hit $400m in total, comprising $375m for MacroCap and $25m for Gloria International. It is expected to result in a reverse takeover of Epicentre.

The company explained that the acquisition will allow it to recover and grow as its revenue and profit have been declining since 2015. It previously sold all of its four Apple reseller stores in Singapore due to competition from the Orchard retail store. 

MacroCap is an investment holding company which owns a developer in Thailand, Asia ThaiYuan Construction and Development (Asia ThaiYuan). Asia ThaiYuan then owns Smile Square in the upscale district of Bangkok.

“Upon completion, Smile Square will boast a premium shopping centre, commercial space for offices, and two towers housing a hotel with 434 rooms and a 260-unit condominium,” Epicentre said.

Gloria International provides hotel management services. Its group manages 52 hotels in major Chinese cities under five brands.

“There are currently plans for the management of another 31 hotels, which are still undergoing various stages of development. Through these new hotels, the Gloria Group will expand its presence across China and also establish a presence in Malaysia, as well as develop a new brand, Gloria Residences,” Epicentre added.