Boustead continues to offload its assets

Boustead Holdings Bhd is speeding up its asset sales with plans to divest more than RM1 billion worth of properties to boost its cash position, sources have said.

The company began to offload some of its assets last year.

In March 2020, the group sold the Royale Chulan Bukit Bintang hotel to Hotel Royal Ltd, based in Singapore, for RM197 million.

Last month, they entered into an agreement with Binastra Land Sdn Bhd to sell a 2.93-acre plot of land in Jalan Cochrane for RM138 million.

In a continuous effort to offload its asset, the company recently placed Menara Affin in Jalan Raja Chulan, 1.71 acres in Jalan Bukit Bintang/Jalan Pudu and 2.96 acres of commercial land on Mutiara Damansara for sale.