KUALA LUMPUR (April 10): YTL Corp Bhd announced that its subsidiary YTL Land Sdn Bhd has disposed of all its holdings in YTL Majestic Hotel Sdn Bhd to YTL Hotels & Properties Sdn Bhd (YTLHP) as part of an internal reorganisation of the group's structure.

In a Bursa filing today, it said YTL Land had disposed of one million shares, representing the entire issued share capital of YTL Majestic, to YTLHP for RM1 million.

YTL Majestic — involved in hotel operations — was incorporated in Malaysia in 1990.

"As a result of the reorganisation, YTL Majestic has become a direct subsidiary of YTLHP and remains an indirect subsidiary of YTL Corp," it said.

The group said the reorganisation is not expected to have a material impact on its financials for the current financial year.

YTL Corp shares closed down 1 sen or 0.66% at RM1.51, giving the company a market capitalisation of RM15.91 billion. —  theedgemarkets.com

For more stories, download TheEdgeProperty.com pullout here for free.

SHARE
SPONSORED CONTENT
Senai Airport City + Northern Technocity—Strategic north–south industrial gateways to Malaysia, Asean, world

Both Senai Airport City (SAC) and Northern Technocity (NTC) are designed with an ecosystem-centric, sector-focused approach, fostering industrial clustering, horizontal linkages, and technology diffusion among investors.

read more
RELATED POSTS
  1. YTL Corp unit makes first hotel investment in New Zealand with RM388m deal
  2. YTL Corp's 3Q profit down 16%, dragged by weak YTL Power results, offset by Malayan Cement's strong showing
  3. YTL Corp’s net profit falls 36% in 1Q as YTL Power’s earnings decline