Malaysia Airlines has sold its luxury Four Seasons Hotel on the tourist island of Langkawi to a firm controlled by a Saudi royal tycoon for 435.0 million ringgit (124.3 million dollars).
The sale is part of the airline's restructuring plan, the carrier said late Thursday, days after posting a net loss of 136.4 million ringgit for 2006. The deal "forms part of MAS' strategic asset rationalisation exercise by the disposal of non-core assets as an initiative in our business turnaround plan," it told Malaysia's bourse in a statement.
Under the deal, a wholly-owned subsidiary of Prince al-Waleed Talal Abdul Aziz al-Saud's Kingdom Hotel Investments (KHI) will buy the hotel from a unit of Malaysia Airlines.