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KUALA LUMPUR (Feb 18): Johan Holdings Bhd (KL:JOHAN) said its 80%-owned unit is selling a hotel in Lumut, Perak, and three adjoining parcels of land for RM47.43 million in cash—a value that almost doubled its market capitalisation of RM24.33 million as of Monday (Feb 16).
The properties were sold below their respective market values, according to Johan Holdings’ filing with Bursa on Monday, in announcing the deal.
Lumut Park Resort Sdn Bhd, 80%-owned by Johan Holdings, inked a conditional sale and purchase agreement with Golden Peak Hospitality & Consultancy Sdn Bhd (GPHC) and Bujang Holdings Sdn Bhd for the deal, according to a bourse filing on Monday.
The properties under the deal include a 150-room hotel, the Orient Star Lumut, and three parcels of land measuring a combined 6.69 acres (27,093 sq m).
Bujang Holdings is the ultimate shareholder of GPHC. Bujang Holdings is owned by Mesnor Bujang and Mardiana Mohamed, according to Johan Holdings.
Meanwhile, the remaining 20% in Lumut Park Resort is owned by Syarikat Majuperak Bhd, a unit of Majuperak Holdings Bhd (KL:MJPERAK).
The hotel was sold at RM32.96 million, 1.03% lower than its market value of RM33.3 million, while the 1.69-acre (6,857 sq m) parcel was sold at RM5.11 million, a 7.11% discount to its market value of RM5.5 million.
Meanwhile, the 3.22-acre (13,064 sq m) parcel was sold at RM6.23 million, 1.11% lower than its market value of RM6.3 million, while the 1.77-acre (7,172 sq m) parcel was sold at RM3.13 million, a 15.32% discount to its market value of RM3.7 million.
Johan Holdings said it expects to record a RM3.88 million gain from the disposals. Proceeds from the sales will be used for working capital and the exercise’s expenses.
The proposed disposal of the properties is subject to approval from shareholders of Johan and Lumut Park Resort at an extraordinary general meeting to be held.
Johan said the sale is expected to be completed in the third quarter of 2026.
Shares in Johan ended unchanged at 2.5 sen, valuing the company at RM24.33 million.
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