BY M. HAFIDZ MAHPAR

KUALA LUMPUR: Amcorp Properties Bhd’s (AmProp) indirect wholly-owned subsidiary Merchant Alpha Ltd has disposed of its 100% equity interest in property investment companies Merchant Beta Ltd (MBL) and Merchant Omega Ltd (MOL) for £27.35mil (RM162.3mil) in cash.

AmProp told Bursa Malaysia that MBL and MOL currently owned an apartment building in London with 979-year leasehold.

It said the disposal presented an opportunity for the group to unlock and realise the value of its investment in the property and redeploy the funds to other market opportunities in its core businesses.

“AmProp is confident that the Disposal is timely with the property currently running close to full occupancy and rental of the apartments at optimum market rate, thus enabling it to extract maximum value from the disposal,” it said.

AmProp said the group stood to make a gain on disposal of about £9.75mil (RM57.9mil) for an investment duration from February 2013 to June 2015.

AmProp closed down 1 sen to 87 sen on Friday.