Selangor Dredging: Hotel Maya Kuala Lumpur draws strong interest

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KUALA LUMPUR (May 11): Selangor Dredging Bhd (SDB) reiterated it has been getting strong interest in its Hotel Maya Kuala Lumpur property for the past six months.

"As a business owner, SDB is always open to any business opportunities that may arise and are also on the lookout for any prospective business development potential," it said in a filing with Bursa Malaysia today.

The property developer was commenting on The Edge weekly's report which was published on Saturday (May 9), that SDB has put the five-star hotel on the market at an estimated RM230 million, to focus on its core property development business.

"At this point of time, SDB has neither received any offer nor entered into any sales and purchase agreement (SPA) with any party. SDB will make the necessary announcement on the details, in the event that SDB enters into a formal SPA," it added.

The group said it has appointed Zerin Properties to be the exclusive agent to accommodate all enquiries and queries from interested parties on Hotel Maya.

SDB (fundamental: 1.30; valuation: 3) shares closed up 4.62% at RM1.02 today, bringing it's market capitalisation to RM434.65 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)