Montclair acquisition to bolster balance sheet: RTG

HOSPITALITY concern, Rainbow Tourism Group (RTG), says the acquisition of Montclair Hotel and Casino will strengthen its balance sheet by US$5,39 million.

RTG revealed on November 22 that it had signed a sale and purchase agreement for the acquisition of the entire issued ordinary shares of Briolette Services (Private) Limited trading as Montclair.

In a statement last Friday, RTG revealed that post-acquisition, the hospitality group’s total assets would rise to US$60,27 million from a pre-purchase value of US$54,88
million.

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