Al-Aqar sells Selesa Tower to OISB for RM100mil cash

PETALING JAYA: Al-Aqar Healthcare REIT is selling a hotel and a tower block in Johor Baru for RM100mil cash to Optimum Impress Sdn Bhd (OISB) as it seeks to reduce its borrowings.

In a filing with Bursa Malaysia yesterday, it said that a total of RM80mil from the proceeds of the sale would be used to repay its bank borrowings, RM18.6mil for working capital and, or future acquisitions and RM1.4mil for its estimated expenses.