Golden Destinations expands into Hong Kong with Double Happiness acquisition
KUALA LUMPUR: Golden Destinations Group Bhd is expanding its footprint to Hong Kong through a share sale and purchase agreement to secure a 70 per cent stake in Double Happiness Holidays Ltd.
Golden Destinations Group Bhd is set to expand its operations into Hong Kong by acquiring a 70% stake in Double Happiness Holidays Ltd through a share sale and purchase agreement. The investment, totaling HK$700,000 (approximately RM364,600), includes purchasing 200,000 existing shares from Chong Ching Lee and subscribing to 500,000 new shares in Double Happiness.
This acquisition will inject fresh capital to support the Hong Kong business's development and growth, allowing Yung Sing Wah and Chong to retain 20% and 10% of the shares, respectively. Upon completion, Yung will be appointed as executive director and spearhead Double Happiness's Hong Kong operations and business development. The investment marks Golden Destinations' entry into Hong Kong's outbound travel market, offering new opportunities to extend its established business-to-business (B2B) travel model and reach a broader regional customer base.
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