08-08-2025
MUI Berhad Disposes Corus Hotel For RM260 Million
Malayan United Industries Berhad (MUI) announced that its wholly-owned subsidiary, Ming Court Hotel (KL) Sdn Bhd, has entered into a conditional sale and purchase agreement to dispose of the Corus Hotel Kuala Lumpur to a subsidiary of Mah Sing Group Berhad for a cash consideration of RM260.00 million.
The disposal, dated August 7, 2025, involves a 13-storey, 4-star hotel building with 388 guest rooms and a freehold land measuring approximately 6,010 square meters. The property is strategically located on Jalan Ampang, a short walking distance from the Kuala Lumpur City Centre (KLCC).
According to the announcement, the proposed disposal is a strategic move by MUI to unlock the value of the property and capitalize on current market conditions. The company highlighted that the Corus Hotel recorded a loss after tax of RM6.08 million on a revenue of RM25.18 million for the financial year ended June 30, 2024, with an occupancy rate of 59.54%.
The proceeds from the sale are earmarked for the repayment of bank borrowings associated with the property, which is expected to strengthen the Group's balance sheet and result in substantial savings on finance costs.
