KSH Holdings says its wholly-owned subsidiary KSH Hotels Investments, has entered into a joint-venture arrangement with units of Lian Beng Group and Heeton Holdings to incorporate Prospere Hotels.

One hundred ordinary shares of $1 each for cash consideration were allotted in the capital of Prospere Hotels, with Lian Beng Group owning 40% of the company while KSH and Heeton will each own 30% of the JV company.

KSH said the above investment in Prospere Hotels was funded through internal resources and is not expected to have any material impact on the net tangible assets and earnings per share of the company and the group for the current financial year ending March 31, 2016.

Shares of KSH closed unchanged at 52.5 cents on Monday