Malaysia's DRB-Hicom sells non-industrial land assets for $486m

Malaysia's DRB-Hicom sells non-industrial land assets for $486m

Photo: DRB-Hicom website

Malaysian conglomerate DRB-Hicom Bhd said on Thursday it was selling much of its non-industrial property assets and the entire hospitality portfolio for a total of 1.9 billion ringgit ($486.31 million).

The company, majority owned by Malaysian billionaire Syed Mokhtar al-Bukhary, said it will dispose of several subsidiaries owning a total of about 2,200 acres of land along with the hospitality portfolio to Prisma Dimensi Sdn Bhd (PDSB).

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