KUALA LUMPUR, ECM Libra Group Bhd’s wholly owned subsidiary, ECML Hotels Sdn Bhd, will sell two adjoining freehold land parcels in Penang, including an 11-storey hotel with 258 rooms, to Wealthpro Holdings Sdn Bhd for RM51.89 million.
According to a Bursa Malaysia filing, the sale proceeds will be used to repay bank loans, fund project developments, support future business expansion, cover working capital needs, and pay related taxes and expenses. The group noted that the disposal will not cause ECM Libra to be classified as a cash company or a PN17 company under listing rules.
The disposal forms part of ECM Libra’s ongoing strategy to review its investment portfolio and unlock value for shareholders. Based on the sale price and the property’s audited net book value of approximately RM22.9 million as of Dec 31, 2024, the group expects a one-off pro forma gross gain of about RM29.0 million before estimated taxes and expenses of RM4.3 million. The transaction, subject to all necessary approvals, is expected to be completed by the first quarter of 2026.
