PROPERTY investment firm IPC Corp said on Tuesday that the Covid-19 outbreak has negatively impacted the business of Nest Hotel Japan Corporation (NHJC), in which IPC owns preference shares.
IPC said: "The Covid-19 outbreak has led to a decline in the number of tourists from China to Japan since late January 2020 and has negatively impacted the tourism and related hospitality business in Japan. NHJC's business is similarly impacted. A sustained negative impact is likely to adversely affect the value of the Group's investment in NHJC."
NHJC operates and manages hotels in Japan under the "Nest", "Tissage" and "Bespoke" brands.
The board will continue to monitor and update shareholders on any further material impact on NHJC's business, IPC said.
IPC shares last changed hands at S$0.25 on Feb 12.