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KUALA LUMPUR (Aug 15): Bursa Malaysia has approved IGB Corp Bhd’s request for a suspension in the trading of its shares today, pending a material announcement.
“The board of IGB wishes to announce that Bursa Malaysia Securities Bhd has approved the company’s request for suspension of its securities from 9am to 5pm on Monday, Aug 15, 2016, pending an announcement of a material transaction,” it said in a filing.
The Edge Financial Daily (FD) reported today, quoting sources, that IGB Corp has found a buyer for its 910-room Renaissance Kuala Lumpur hotel, and a sale and purchase agreement for the biggest ever hotel deal is expected to be inked as early as today.
“Details about the deal remain sketchy but The Edge FD has learnt that the hotel will likely be sold at RM765 million or RM840,659 per room. The purchasers, believed to be linked to the same people behind Singapore firm Canali Logistics Pte Ltd, has set up a local firm to do the deal, “ reported the daily.
Its shares last traded at RM2.56 last Friday, for a market capitalisation of RM3.42 billion. — theedgemarkets.com
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