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KUALA LUMPUR (April 10): YTL Corp Bhd announced that its subsidiary YTL Land Sdn Bhd has disposed of all its holdings in YTL Majestic Hotel Sdn Bhd to YTL Hotels & Properties Sdn Bhd (YTLHP) as part of an internal reorganisation of the group's structure.
In a Bursa filing today, it said YTL Land had disposed of one million shares, representing the entire issued share capital of YTL Majestic, to YTLHP for RM1 million.
YTL Majestic — involved in hotel operations — was incorporated in Malaysia in 1990.
"As a result of the reorganisation, YTL Majestic has become a direct subsidiary of YTLHP and remains an indirect subsidiary of YTL Corp," it said.
The group said the reorganisation is not expected to have a material impact on its financials for the current financial year.
YTL Corp shares closed down 1 sen or 0.66% at RM1.51, giving the company a market capitalisation of RM15.91 billion. — theedgemarkets.com
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