Landmarks to sell 51% stake in Bintan hotel operation

In a filing with Bursa Malaysia yesterday, Landmarks said the group is expected to record a one-off gain on disposal of S$20.27mil, which is equivalent to RM61.72mil derived from the disposal of 51% equity interest in its subsidiary Mendol Investments Pte Ltd (MIPL) and the fair value of the remaining 49% stake in the latter.

PETALING JAYA: Loss-making Landmarks Bhd has proposed to sell a controlling stake of 51% in its hotel operation in Bintan, Indonesia for RM42.24mil to raise funds to supplement its working capital requirements.

Genting Bhd owns a 25% stake in Landmarks.