IGB Bhd’s associates have sold UK-based assets, including the St Giles Hotel London, for a total of £220 million (RM1.2 billion).
In a Bursa filing on Monday, the company said its 49.47%-owned associates — 12 Bedford Avenue Ltd (Bedford) and St Giles Hotel Limited (SGHL) — entered into two separate sales agreements last Friday. The announcement was made after trading hours on Jan 9, 2026.
The first deal saw Bedford sell all shares of its wholly owned subsidiary, Ravencroft Investments Inc (RII), to Hiro Intermediate Holdings Ltd. The second involved SGHL selling the St Giles Hotel London’s business and assets to Bedford Avenue Hotel Opco Ltd. The sale price was agreed upon after fair negotiations, with the latest valuation of the hotel, conducted on July 24, 2024, at £228.5 million.
IGB’s share of the associates’ net gain from the transactions is estimated at RM452.6 million. Both deals were completed on Jan 9, 2026, with agreements executed and payments received.
Apart from Datuk Seri Robert Tan Chung Meng — a director of the selling entities — and Wah Seong Manufacturing Sdn Bhd, a major shareholder in both associates with a 45.91% stake, no other IGB directors, major shareholders, or connected persons were involved in the transactions.
Trading of IGB shares was temporarily suspended on Monday morning and resumed at 10am.
