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SINTOK (July 25): Universiti Utara Malaysia (UUM), through a subsidiary of Uniutama Management Holdings Sdn Bhd (UMHSB), is taking over several hotels in the Klang Valley and Penang.
Its vice-chancellor, Professor Datuk Seri Dr Mohamed Mustafa Ishak, said the move is aimed at increasing the company’s profit, as well as to aid UUM in generating its own income.
“Negotiations for the takeover are now in the final stage,” he said in his speech at the branding of EDC Hotels & Resorts by Bukit Kayu Hitam assemblyman Datuk Ahmad Zaini Japar here yesterday.
Also present was chairman of the UUM board of directors, Tan Sri Siti Sa’adiah Sheikh Bakir.
Mohamed Mustafa said plans were also afoot to build a hotel in Langkawi in tandem with the university’s move to strengthen its business scope in the hotel industry.
“Last year, UMHSB generated a net income of almost RM7 million through various businesses, including its hotel business from EDC Hotel and The Universiti Inn in Sintok,” he added.
The UMHSB group, he said, was also involved in property business, as well as tourism and hospitality, agriculture, retail, film production and laundry service. He said the university-owned company had been involved in the business since 10 years ago.
This article first appeared in The Edge Financial Daily, on July 25, 2016. Subscribe to The Edge Financial Daily here.
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