Lumut yacht club ending membership scheme

PETALING JAYA: The Lumut International Yacht Club (LIYC), operated by a subsidiary of Johan Holdings Bhd, is winding up its membership scheme and will refund part of the fees paid by existing members.

Johan Holdings told Bursa Malaysia that its 70%-owned subsidiary Lumut Marine Resort Bhd (LMRB), which owns the club, decided to end the scheme because of the low membership base, which resulted in LIYC incurring monthly operating losses and negative cashflow.