MUI / Khoo Kay Peng

[winston]

not vested

MUI seeks buyer for Corus Hotel Hyde Park in London

KUALA LUMPUR: Malayan United Industries Bhd (MUI) is seeking to sell Corus Hotel Hyde Park in London.

The company, in a filing with Bursa Malaysia today, said its indirect wholly owned unit Corus Hotels Ltd (CHL) has appointed N.M. Rothschild & Sons Ltd, an international investment bank, as its financial adviser on the sale.

"The appointment of Rothschild is to assist CHL in exploring strategic options for the asset as well as to ensure that only credible international investors are shortlisted and considered," it said.

A news report in the UK valued the hotel at about £200mil (RM1.07bil).

"Hospitality will continue to be a core business of the group. However, the group will be adopting a more focussed strategy that will be more lifestyle driven and perhaps asset-light to grow its hotel business," it said.

In addition to its hotel business, the group is progressing into other segments of the hospitality business such as Laura Ashley tea rooms, cafes and spas.

"As recently announced by chairman and chief executive officer, Andrew Khoo Boo Yeow, the rationalisation of assets, which includes selected asset disposals, will form part of the group’s business transformation strategy," it said.

Source: The Star

https://www.thestar.com.my/business/bus ... ZJQAHqL.99

[winston]

not vested

Laura Ashley still a viable investment for MUI

by Supriya Surendran

In the financial year ended June 30, 2019 (FY19), MUI recognised an impairment charge of RM59.7 million at its group level, which was due to the losses incurred by its associate Laura Ashley.

Laura Ashley reported a much wider loss of £14 million (RM72.1 million) in FY19 versus £1.4 million in FY18.

As at June 30, there were 155 Laura Ashley stores in the UK, and the group is expected to close up to seven stores this year to optimise its store portfolio.

As of June 30, 2019, MUI had a reported cash balance of RM166 million, and short-term borrowings of RM115 million.

Source: The Edge

https://www.theedgemarkets.com/article/ ... stment-mui

[winston]

not vested

MUI’s unit to sell UK land

KUALA LUMPUR: MALAYAN UNITED INDUSTRIES BHD’s (MUI) indirect wholly-owned subsidiary Corus Hotels Ltd, is disposing of a 10.1-hectare development site at Ferrymuirgait, South Queenferry, Edinburgh for RM38.8mil.

Corus Hotels has inked a sale and purchase agreement with purchaser AR Land Investments Ltd for the purpose.

In a filing with Bursa Malaysia, MUI said the disposal was in line with its business strategy of divesting non-core assets and continuing efforts in reducing its bank borrowings.

Source: Bernama

https://www.thestar.com.my/business/bus ... ll-uk-land

[winston]

not vested

MUI on the prowl for more corporate exercises to streamline group

By YVONNE TAN

Sell off its financial services business for some RM90mil cash.

Recent addition of food and beverage company A&W into our portfolio.

On the hotel front, MUI owns a string of these in the UK, including Corus Hotel Hyde Park, London, The Belsfield Hotel in Lake District, Burnham Beeches Hotel in Slough and the St James Hotel in Grimsby.

In Malaysia, it owns the Corus Hotel Kuala Lumpur and the Corus Paradise Resort Port Dickson.

A&W currently operates a total of 72 outlets around the country, half of which are located in the Klang Valley. There are plans to increase the number of outlets to 100 in the next 12 months.

The other segment of its food business is made up of its chocolate confectionery operations where it makes and sells chocolate under the Crispy, Tango, Tudor Gold and Kandos brands, which have long been in the market.

At present, we will focus on our core businesses of retail, hospitality and property.

Source: The Star

https://www.thestar.com.my/business/bus ... line-group