25/01/2011 : GSB GROUP DISPOSES HOTEL FOR RM22M GSB GROUP reported that 100%-owned SERTA USAHA sb had on Jan 21, 2011 entered into an Agreement to dispose to LEOPAD HOLDINGS sb a 13-storey, 90-room hotel off Jln Syed Putra in KL for a cash consideration of RM22.0m.
The property was valued at RM20m by RAINE & HORNE INTERNATIONAL ZAKI + PARTNERS sb using the Comparison Method, and as a check, the Cost Method and Profit Method.
Proceeds of the disposal will be used to repay bank borrowings and as working capital.
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