Advance Synergy Bhd said its subsidiaries Alor Setar Holiday Villa Sdn Bhd, Cherating Holiday Villa Bhd and Langkawi Holiday Villa Sdn Bhd are selling their hotels to Amanah Raya Bhd for a cash amount yet to be agreed upon.
It said the final price for each of the three hotels – Holiday Villa Alor Setar, Holiday Villa Cherating and Holiday Villa Langkawi – should not exceed RM30mil, RM23mil and RM52mil respectively.
In a statement to Bursa Malaysia, Advance Synergy said Amanah Raya would lease back all three hotels for a 10-year period with an option to extend for another five years.
The three subsidiaries have an option to buy back the hotels upon the expiry of the leaseback period. – AFX-Asia
Did you find this article insightful?