by 
“ECM Libra has formed a 50:50 joint venture with Plato Capital’s subsidiary to manage Ormond Hotel Sandakan and The RuMa Hotel & Residences, expanding its hospitality business.”
Kuala Lumpur, 07th July 2026, 03.20pm – ECM Libra Group Bhd is expanding its presence in Malaysia’s hospitality sector through a new joint venture and hotel management agreements covering two established hotel properties.
In a filing with Bursa Malaysia, the group announced that its subsidiary, Ormond Group Sdn Bhd (OGSB), will become a 50:50 joint venture following the entry of TP Real Estate Holdings Pte Ltd (TPRE), a wholly owned subsidiary of Singapore-based Plato Capital Ltd.
Under the agreement, TPRE will subscribe for 12.5 million new ordinary shares in OGSB for a cash consideration of RM100,000. Upon completion, OGSB will no longer be a wholly owned subsidiary of ECM Libra.
Hotel Management Portfolio Expands
Alongside the joint venture, OGSB has entered into hotel management agreements for two hospitality assets:
- Ormond Hotel Sandakan
- The RuMa Hotel and Residences, Kuala Lumpur
The agreements have an initial tenure of two years, with an option to renew for a further two years.
ECM Libra said the contracts are expected to generate approximately RM7.85 million in hotel management fees during the initial contract period.
Leveraging International Hospitality Brands
The joint venture allows OGSB to strengthen its hospitality portfolio by combining several recognised hotel brands.
Under the agreement, Plato Capital’s subsidiary will grant OGSB sublicence rights to operate under the Ormond and Momo’s hotel brands for as long as TPRE remains a joint venture partner.
In return, OGSB will continue to license the Tune hotel brand for use within the business.
The arrangement broadens the group’s brand portfolio while supporting future hotel management and hospitality opportunities.
Related Party Transaction
ECM Libra noted that the transaction constitutes a related-party transaction under Bursa Malaysia’s Main Market Listing Requirements due to the interests of certain directors and major shareholders.
Executive chairman Datuk Lim Kian Onn and chief executive officer Gareth Lim Tze Xiang abstained from deliberations and voting relating to the transactions.
The company said shareholder approval is not required as the highest applicable percentage ratio under Bursa’s listing requirements is approximately 4.07%.
Join The Discussion