The Sun

BERJAYA Land Bhd's wholly owned subsidiary Berjaya Vacation Club Bhd has proposed to dispose of Berjaya Resort (Sabah) Sdn Bhd to NPC Resources Bhd for RM21 million. Berjaya Resort (Sabah) currently owns the eight-storey 160-room Berjaya Palace Hotel, an open-air car park and a manager's bungalow on two parcels of land measuring 0.81ha in Karamunsing, Sabah NPC Resources is involved in oil palm plantations, palm oil mills, management and transportation services, and trading of fresh fruit bunches operations.In a statement yesterday, Berjaya good opportunity to realise its investment in Berjaya Resort (Sabah) as the hotel was 18 years old and required a major refurbishment to remain competitive. It said the disposal would also allow Berjaya Vacation to recover its outstanding advance of about RM10 million to Berjaya Resort (Sabah), and the proceeds from the disposal would be used for the company's working capital purposes. Berjaya Land said the disposal would result in an exceptional RM8 million.