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IGB sells KL's Renaissance hotel for RM765m

Company to use proceeds from the sale to, among other things, repay loans to fully redeem certain assets

Published Mon, Aug 15, 2016 · 09:50 PM

Kuala Lumpur

MALAYSIA's IGB Corporation has disposed of Renaissance Kuala Lumpur Hotel in the heart of the city for RM765 million (S$257 million) in a sale it said would allow it to "unlock business assets at a favourable price".

The disposal by IGB's wholly owned subsidiary Great Union Properties Sdn Bhd (GUP) to Ventura International Sdn Bhd (formerly known as Canali Logistics Sdn Bhd) was undertaken in a conditional sale and purchase agreement on Monday.

The hotel is sold as a going concern free from all encumbrance and liabilities together with all the business assets including structure, machinery and fittings, the …

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