Boustead sells Royale Chulan Bukit Bintang Hotel for RM197m
BHB's indirect subsidiary, Boustead Hotels & Resorts Sdn Bhd, today inked an agreement to sell the 418-room four-star hotel to Hotel Royal's subsidiary Every Room A Home Sdn Bhd. — Picture courtesy of royalechulan.com
In a filing with Bursa Malaysia today, BHB said the group was expected to realise an estimated gain of RM92 million on completion of the proposed disposal, translating into about 4.5 sen per share. A spokesperson from BHB said in a statement today that the disposal of this property formed part of the Boustead group’s overall plan to return to profitability by way of divesting non-strategic assets.
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