Gula Perak plans to sell hotels to settle debts

PETALING JAYA: Gula Perak Bhd said has proposed to sell two hotels to Hong Kong-based Time Glory Investment Ltd for a combined value of RM193.9mil to pay off outstanding debts, the PN17 affected issuer told Bursa Malaysia yesterday.

Gula Perak had, on April 22, announced that the redeemable secured notes (RSN) totalling RM287.3mil had expired.

As the properties — Dynasty Hotel in Kuala Lumpur and Empress Hotel in Sepang – are charged to the chargee under the RSN, the proceeds arising from the proposed disposals will be utilised towards the repayment of the outstanding RSN.

By The Star