Landmarks to divest MSL shares for RM87.4m

Landmarks Bhd intends to dispose of its entire 20% interest in MSL Properties Sdn Bhd via its indirect subsidiary Kuala Lumpur Suburban Centre Sdn Bhd (KLSC) for RM87.38 million.

Under the share sale agreement, the investment holding company primarily engaged in the hospitality and property industries will sell 200,001 ordinary shares in MSL to Handal Dinamis Holdings Bhd, its subsidiary Landmarks

Hotels & Realty Sdn Bhd, Peremba Panorama Sdn Bhd and MCL Land Ltd.

Landmarks told Bursa Malaysia Bhd that its interest in MSL, whose major asset is the Wangsa Walk Mall retail centre in Wangsa Maju, is not strategic and does not accord any management control, while the cash proceeds from the proposed disposal will finance capital expenditure for its Treasure Bay Bintan project and go towards working capital.