Thursday, Mar 01, 2007
KUALA LUMPUR (Dow Jones)--Malaysian Airline System Bhd. said Thursday it sold its wholly owned hotels business to a company linked to Saudi billionaire Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud for MYR435 million.
The sale of MAS Hotels & Boutiques Sdn. Bhd. to Kingdom Langkawi B.V. is another move by the national airline to shed noncore assets and follows the sale of its headquarters and other buildings last year.
The agreed price includes the MYR364.1 million that the unit owes the airline, MAS said in a statement.
The sale will generate MYR62 million in gains for MAS.
MAS Hotels owns six pieces of land in Malaysia as well as properties on those plots.
-By Hasan Jafri, Dow Jones Newswires; 603-2692-5254; hasan.jafri@dowjones.com
-Edited by Marissa Chew
Copyright (c) 2007 Dow Jones & Company, Inc.
(END) Dow Jones Newswires
01-03-07 1044GMT
