Johan Holdings unit to acquire remaining 20% stake in Lumut Park Resort for RM3.25 mil

PETALING JAYA (July 22): Johan Holdings Bhd (JHB) said its wholly owned subsidiary Diners Club (Malaysia) Sdn Bhd (DCM) has agreed to acquire the remaining 20% interest in Lumut Park Resort Sdn Bhd (LPR) from Syarikat Majuperak Bhd (SMB) for RM3.25 million cash.

In a Bursa Malaysia filing on Tuesday (July 21), JHB said DCM had on July 20 entered into an exchange of letters with SMB to acquire 1 million ordinary shares in LPR, representing SMB’s entire shareholding in the resort company.

Upon completion of the proposed acquisition, JHB will hold 100% indirect interest in LPR through its wholly owned subsidiaries. DCM will hold 4,999,999 ordinary shares in LPR, while Strategic Usage Sdn Bhd will hold the remaining one share.

LPR is principally engaged in the resort business and property development. As at July 19, 2026, the company had an issued share capital of RM5 million comprising 5 million ordinary shares.

For the financial year ended July 31, 2025, LPR recorded revenue of RM5.72 million, a loss after tax of RM3.92 million and net assets of RM33.59 million, based on its audited financial statements.

JHB said the purchase price was arrived at on a willing-buyer, willing-seller basis following arm’s length negotiations, after taking into consideration LPR’s financial position following the disposal of its principal operating assets, as well as its remaining assets, trade liabilities, other payables and shareholder funding from its immediate holding company.

The proposed acquisition will be funded entirely through JHB’s internally generated funds. The group said no further financial commitment is expected beyond the purchase price, and that no liabilities, contingent liabilities or guarantees would be assumed pursuant to the transaction.

JHB said the acquisition would enable the group to obtain full ownership and control of LPR, providing greater flexibility in managing the company’s affairs and undertaking future corporate exercises involving LPR, including restructuring, rationalisation or winding-up, without the need for minority shareholders’ concurrence.

The company added that consolidating ownership of LPR would simplify its corporate structure and streamline governance and administrative processes.

The move follows LPR’s proposed disposal earlier this year of its principal operating assets, comprising the Orient Star Lumut hotel and adjoining land parcels, although JHB did not state that the two transactions were directly linked.

The proposed acquisition has a highest percentage ratio of 4.08%, calculated based on LPR’s net assets against Johan Group’s net assets. JHB said the transaction does not require shareholder or regulatory approval.

The acquisition is expected to be completed by end-August 2026, barring unforeseen circumstances.

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