Bloomberg News

Tropical Paradise Surges Most in 2 Months on Mauritius Hotel Buy

July 13, 2011

July 13 (Bloomberg) -- Tropical Paradise Ltd. a Mauritian leisure operator, surged the most in more than two months after saying it bought a hotel in the country for 600 million rupees.

The stock advanced 12 percent, the biggest intraday increase since May 6, to 7 rupees by 12:15 p.m. in Port Louis, the capital.

The purchase of the hotel, located in Ebene, south of the capital, will be financed by an issue of stock to existing shareholders that has yet to be approved and “long-term borrowings,” the company said in a statement on the Stock Exchange of Mauritius’s website today.

To contact the reporter on this story: Kamlesh Bhuckory in Port Louis at kbhuckory@bloomberg.net

To contact the editor responsible for this story: Ana Monteiro at amonteiro4@bloomberg.net


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus