Johan Holdings Bhd announced that its 80%-owned unit, Lumut Park Resort Sdn Bhd, is set to sell the 150-room Orient Star Lumut hotel and three adjoining land parcels in Lumut, Perak, for RM47.43 million in cash.
The sale, below the combined market value of the properties, is expected to generate a gain of RM3.88 million for Johan Holdings. Proceeds will be used for working capital and related expenses.
The hotel was sold for RM32.96 million, slightly under its market value of RM33.3 million, while the three land parcels, totaling 6.69 acres, were sold at discounts ranging from 1.11% to 15.32%.
The deal, signed with Golden Peak Hospitality & Consultancy Sdn Bhd and Bujang Holdings Sdn Bhd, is subject to shareholder approval at an upcoming extraordinary general meeting. Completion is expected in Q3 2026.
Johan Holdings’ remaining 20% stake in Lumut Park Resort is held by Syarikat Majuperak Bhd. The company’s shares closed unchanged at 2.5 sen, giving it a market capitalisation of RM24.33 million.
