Two subsidiaries of Hiap Hoe have entered into a deal to acquire Trafford City Hotel, which owns Holiday Inn Express Trafford City in Manchester, Britain.
The deal marks the group's first foray into the British hospitality industry.
The units are paying £26.3 million (S$46.5 million) for Trafford City Hotel.
The acquisition will be funded through a combination of internal resources and debt, said Hiap Hoe in a Singapore Exchange filing yesterday.
A unit of consumer electronics manufacturer Hi-P International has entered into a joint venture with Chinese company Cino Coffee Machine Manufacturing.
The unit, Huglomerate (Shanghai) International Trading Company, will join Cino Coffee to manufacture coffee machines, as well as packaging for coffee and beverages.
Cino and Huglomerate's joint-venture company in Shenzhen will have an initial paid-up capital of 15 million yuan (S$3.05 million). Cino will hold 80 per cent of the company's shares and Huglomerate, 20 per cent.
As part of the deal, Huglomerate will invest an initial 22.8 million yuan in the company, of which three million yuan will be part of the company's paid-up capital; the remaining 19.8 million yuan will be a shareholder's loan.
The world's largest rubber glovemaker recorded a lift in profits for the three months to May 31, citing improvements in its manufacturing process.
Top Glove, which is listed in Malaysia and Singapore, saw earnings for the third quarter jump 24.4 per cent from RM62.5 million (S$20.2 million) in the previous year to RM77.7 million.
This came on the back of revenue rising 29.4 per cent to RM869.6 million from the year before.
Earnings per share rose to 6.2 sen from 4.99 sen for the same period a year earlier. Net asset value per share crept up to RM1.52 as of May 31, from RM1.46 a year ago.
The dividend was flat at six sen per share.