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KUALA LUMPUR: Gula Perak Bhd (GPB) entered into a Sales & Purchase agreement to sell The Dynasty Hotel in Kuala Lumpur, and The Empress in Sepang, Selangor for a sum of RM193.9 million to Time Glory Investment Ltd, it announced in a filing with Bursa Malaysia on Monday, June 28.
The reason for the sale is to repay part of the expired Redeemable Secured Notes 2003/2008, which totalled over RM287 million.
The Dynasty Hotel, located along Jalan Ipoh, Kuala Lumpur, was disposed of for RM151 million by Dynawell Corp, a wholly owned subsidiary of GPB. The Empress Hotel, located along Jalan ST 1C/7 in Sepang was sold for RM42.9 million by KSB Requirements & Rest Sdn Bhd, a 70%-owned subsidiary of GPB.
The Dynasty Hotel is a 28-storey four-star hotel with 788 hotel rooms, 25,063 sq ft of retail space on the ground and lower floors, 116,728 sq ft of office space and 499 parking bays. The disposal of this property does not include the 168 unit Golden City Condominium which also sits on the site.
The Empress Hotel is a 12-storey three-star hotel with 320 rooms. It is 63 km away from the Kuala Lumpur city centre, and about 8 km from the Kuala Lumpur International Airport and the Sepang International Circuit.
The Group carries out other activities such as constructing and developing industrial properties, mostly within Malaysia.
The reason for the sale is to repay part of the expired Redeemable Secured Notes 2003/2008, which totalled over RM287 million.
The Dynasty Hotel, located along Jalan Ipoh, Kuala Lumpur, was disposed of for RM151 million by Dynawell Corp, a wholly owned subsidiary of GPB. The Empress Hotel, located along Jalan ST 1C/7 in Sepang was sold for RM42.9 million by KSB Requirements & Rest Sdn Bhd, a 70%-owned subsidiary of GPB.
The Dynasty Hotel is a 28-storey four-star hotel with 788 hotel rooms, 25,063 sq ft of retail space on the ground and lower floors, 116,728 sq ft of office space and 499 parking bays. The disposal of this property does not include the 168 unit Golden City Condominium which also sits on the site.
The Empress Hotel is a 12-storey three-star hotel with 320 rooms. It is 63 km away from the Kuala Lumpur city centre, and about 8 km from the Kuala Lumpur International Airport and the Sepang International Circuit.
The Group carries out other activities such as constructing and developing industrial properties, mostly within Malaysia.
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