KUALA LUMPUR: The Royale Chulan Bukit Bintang Hotel still belongs to Boustead Holdings Bhd (Boustead) as the conditions in the sale and purchase agreement have yet to be fulfilled, says Defence Minister’s press secretary Amin Shah Iskandar.
He noted that the selling of the hotel owned by Boustead, a subsidiary of the Lembaga Tabung Angkatan Tentera (LTAT) is subject to three conditions.
“The first condition is that the buyer must get the approval of the Economic Planning Unit, Prime Minister’s Office for the purpose of purchasing the hotel.
“The buyer must also get the approval from the Kuala Lumpur Federal Territory Land Executive Committee for the purpose of purchasing the hotel under Section 433B of the National land Code 1965,” he said in a statement here today.
He said the third condition referred to the requirement for the buyer to fulfil all conditions and listing requirements set by Singapore Exchange Securities Trading Limited.
“All the conditions have yet to be fulfilled and hence, the Royal Chulan Bukit Bintang Hotel still belongs to Boustead,” the press secretary said.
Amin Shah also stressed that if any of the conditions were not fulfilled, the sale will not happen.
It was reported on March 15 that Boustead had inked a sale and purchase agreement with Singapore's Hotel Royal Ltd to sell its Royale Chulan Bukit Bintang Hotel for RM197 million in cash, just over two weeks after the Defence Ministry said the sale wasn't a done deal. -- Bernama