KUALA LUMPUR: MULPHA INTERNATIONAL BHD is selling a 4-star hotel in Cairns for A$65mil (RM187.9mil).
The company, in a filing with Bursa Malaysia today, said its units in Australia have entered into a property and business asset sale agreement with JY Cairns Esplanade Hotel Pty Ltd on July 16 for the disposal of Rydges Esplanade Resort.
Rydges Esplanade Resort is a 242-room hotel.
"The proposed disposal will enable the group to unlock the value of the property and generate cash for the group," Mulpha said.
Mulpha acquired the hotel for A$42.3mil on Dec 20, 2016.
The sale, the company said, is expected to result in a net gain after tax of A$14.9mil.