BY JOSEPH CHIN
KUALA LUMPUR: Al-`Aqar Healthcare REIT is selling a hotel and a tower block in Johor Baru for RM100mil cash to Optimum Impress Sdn Bhd as it seeks to reduce its borrowings.
Selesa Tower is being leased to Hotel Selesa (JB) Sdn Bhd, which is the operator of Selesa Tower. The lease agreement dated Dec 12, 2012 if for 15 years and the annual net rental income is about RM7.2mil.
Of the RM100mil, a total of RM80mil would be used to repay bank borrowings while RM18.6mil would be used as working capital and future acquisition and the RM1.4mil for other expenses.
The shareholders of Optimum Impress are Ong Yoong Nyock, Ong Wei Kuan, Lee Chung Chern and Gan Hong Lee.
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