DRB-HICOM shares rise 2.15% after announcing RM1.9b deal with Syed Mokhtar

PETALING JAYA: DRB-HICOM Bhd’s share price rose 2.15% this morning on news of its exit from the hospitality sector and disposal of a large portion of its non-industrial property assets.

At 11.12am, its share price was 2.15% or 5 sen higher at RM2.38 with a total of 3.70 million shares traded.

The group told Bursa Malaysia that it is disposing a large portion of its non-industrial property assets and its entire hospitality portfolio to Tan Sri Syed Mokhtar Al-Bukhary’s privately held company, Prisma Dimensi Sdn Bhd.

Under the RM1.9 billion deal, the group will dispose of several subsidiaries owning some 2,200 acres of land as well as its entire equity in Horsedale Development Bhd and Rebak Island Marina Bhd to Prisma Dimensi.

The transaction will be satisfied via a cache of landbank in Johor totalling 1,243.45 acres belonging to Prisma Dimensi and Kelana Ventures Sdn Bhd, and a cash payment of RM289 million.