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26 September, 2017 23:26 IST
Millitoons Ent's arm acquires 100% stake in Kirksville Hospitality
Source: IRIS | 12 Sep, 2017, 10.44AM
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Millitoons Entertainment's wholly owned subsidiary in USA 'Mient Hospitality, LLC' has acquired 100% stake in Kirksville Hospitality, Inc which runs a hotel under the franchise of well established brand Holiday Inn,. The total cost of acquisition is USD 4.83 million. Kirksville Hospitality, Inc has recorded a gross revenue of USD 1.96 million in the last fiscal year.

Further, it may be recalled that the company vide board meeting dated August 16. 2016 has intimated to the Stock Exchanges that the board has decided to consider various options for organic and inorganic growth as well as diversification plans to enhance stakeholder value by means of acquisitions .joint ventures etc., The company has vide corporate announcement dated October 19, 2016 had further announced its intention to enter the Hospitality Industry and the entering of a MoU to acquire concerns in this segment in the U.S.A.

Shares of the company gained Rs 2.15, or 4.65%, to trade at Rs 48.15. The total volume of shares traded was 4,812 at the BSE (10.30 a.m., Tuesday).

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