Yong Tai announced that intends to dispose of a five-star hotel known as “Courtyard by Marriott Melaka” held under its wholly owned subsodoary Apple99 in Melaka to Southern Envoy Sdn Bhd for a cash consideration of RM160 million.
The group said the proposed disposal will represent an opportunity to immediately unlock the value of the Hotel, as the deal is expected to provide an estimated net pro forma gain on disposal of approximately RM45,856,072.
The Proposed Disposal will also give rise to RM160,000,000 in proceeds to be utilised by the Group to amongst other, to repay the Apple 99 existing bank borrowings and payment of outstanding progress claims to main contractor, hence, improving YTB
Group’s gearing level. Upon completion of the Proposed Disposal, YTB Group is able to improve its financial performance and realise a gain, and thereby strengthen its cash flow and net assets position.
