Wed, Nov 13, 2013 - Page 14 News List

Farglory Hotel unveils expansion plans, listing

By Amy Su  /  Staff reporter

Before launching its expansion plan for the next few years, Farglory Hotel Co (遠雄悅來大飯店), the hotel unit of Farglory Group (遠雄企業集團), is set to list on the nation’s main bourse on Dec. 3.

The company aims to sell 10 million shares via the listing plan, with its initial offering price tentatively set at NT$18 per share, according to its underwriter, MasterLink Securities Corp (元富證券).

“We plan to open more hotels with different styles and target different customer segments over the next few years,” company president Anthony Wang (王慶祺) told an investors’ conference yesterday.

Farglory Hotel — which currently operates a luxury hotel in Hualien County — unveiled plans for four new hotels in Taipei, Yilan County’s Jiaosi Township (礁溪), Alishan (阿里山) and Yangmingshan (陽明山).

The Farglory Hotel in Taipei, which is part of the Taipei Dome Complex project, is to be the next to open, Wang said.

The 408-room hotel is expected to launch a pilot operation in 2016, ahead of the 2017 Taipei Universiade which is to be held at the dome, Wang added.

Farglory Group won the contract to build the Taipei Dome Complex in 2006 on a BOT (build-operate-transfer) basis, which includes construction of an indoor stadium complex and other commercial facilities.

After launching a city hotel, Farglory Hotel intends to focus on the Jiaosi project and other tourist attractions, Wang said.

Most of these planned projects will be owned by Farglory Group, with Farglory Hotel commissioned to be the manager and operator, Wang said.

The expansion plans could increase the total number of rooms under the Farglory brand to more than 1,000.

Farglory Hotel posted a net profit of NT$2.84 million (US$95,830), or NT$0.03 per share, in the first half of the year, down from NT$4.79 million, or NT$0.05 per share, in the same period last year.

Last year, net profit stood at NT$62.66 million, or NT$0.66 per share, with NT$512.19 million in revenue, company data showed.

However, the company’s shares have still increased almost 25 percent on the Emerging Stock Market (興櫃市場) this year.

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