After a year++ Andrew took over the helm of MUI group from his father, he has disposed lot of non-core assets like 3 lots of freehold land at Teluk Kemang, P.D, Imperial Crown and Old Golf House Hotel at U.K ant etc.
In an interview on Dec 2018 (https://www.theedgemarkets.com/article/muis-new-chairman-if-it-makes-sense-sell-assets-well-do-it), Andrew said: "I come from a different generation, so to me I am not so attached.” He also stressed that he can sell any asset of the group if it make sense and at the right price.
As the result: https://www.thetimes.co.uk/edition/business/mui-hotel-group-tests-property-market-with-hyde-park-sale-mvh63kxf3, (this news just came in this early morning)
MUI tests property market with Hyde Park hotel sale
The Corus Hyde Park Hotel is set in a listed 200-year-old Georgian mansion near Lancaster Gate, central London ALAMY
Investors’ appetite for London hotels
in the face of Brexit uncertainty will be tested after the hoisting of a
“for sale” sign over the Corus Hyde Park Hotel near Paddington.
The Times understands
that MUI Group, the Malaysian owner of the Corus Hotels chain, has
appointed Rothschild, the investment bank, to advise it on a sale of the
389-room freehold property, which is valued at about £200 million.
MUI, founded in 1960 as Malayan United
Industries, is listed on the Malaysian bourse and has interests in
hotels, food and confectionery, financial services, property development
and retailing, including owning a majority stake in Laura Ashley. The
company is controlled by Khoo Kay Peng, 80, a Malaysian Chinese tycoon.
Why market has been so concern about selling Corus Hyde Park?
Because it is the most prime asset under MUI which worth Rm1.07 BILLION, bring in disposal profit of Rm812 million or EPS of 27.7 cents to the group, a huge gain and it boost up the NTA to 44.5 cents compare to 16.8 cents currently. The property value is also much higher than the group itself which only have Rm513 mil.
We think this news was great!! Giving a big step ahead toward the journey to unlock the value of the group. We hope MUI will soon announce more news and selling assets and give dividend!!
https://klse.i3investor.com/blogs/Tman/204378.jsp
