KUALA LUMPUR, June 30 — Malayan United Industries Bhd’s (MUI) wholly-owned unit, Corus Hotels Sdn Bhd, will acquire Pan Malaysian Industries Bhd’s entire stake in Two Holdings Sdn Bhd for RM26.3 million.
In a filing to Bursa Malaysia today, the company said Two Holdings’ main asset was a piece of vacant freehold land in Jalan Ampang here, named the Mayang Land, with a size of 1,477.85 sq metres.
On the rationale, MUI said, the land was located next to a hotel owned by Ming Court Hotel (KL) Sdn Bhd, its wholly-owned unit.
“Additional value can be created by combining the extension and redevelopment of these two properties,” it said.
MUI said barring any unforeseen circumstances, the acquisition was expected to be completed by the fourth quarter of 2014. — Bernama
