KUALA LUMPUR: Shares of MULPHA INTERNATIONAL BHD rose this morning, after the group said it planned to dispose of its resort in Australia for RM188mil.
The real estate group rose 2.8%, or six sen to RM2.20, making it one of the top gainers on Bursa Malaysia. In the past one year, the counter has gained over 5.7%.
Mulpha has announced a plan to sell its 4-star hotel in Cairns, Australia for A$65mil (RM187.9mil).
The company 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.
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