DRB-Hicom sells real estate assets for industrial land in Tebrau

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DRB-Hicom Bhd, a diversified group, plans to swap its large portion of non-industrial property assets and its entire hospitality portfolio for industrial land in Tebrau, Johor, in a deal worth RM1.93 billion.

The group, with its controlling shareholder Tan Sri Syed Mokhtar al-Bukhary said in a statement on March 8 that the disposal was part of an exercise to set a new direction for its property business.

According to The Star, the plan to sell its non-industrial land assets and exit the hospitality industry, and acquire a sizeable industrial land in Johor is a move to take advantage of its experience in the development industrial properties.

Under the initiative, the group would sell several subsidiaries, owning some 2,268.43 acres of land, as well as its entire equity in Horsedale Development Bhd and Rebak Island Marina Bhd to Prisma Dimensi Sdn Bhd (PDSB) for RM1.93 billion.

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