16 April, 2026
PETALING JAYA (April 16): ECM Libra Group Bhd has completed the disposal of Tune Hotel George Town Penang to Wealthpro Holdings Sdn Bhd for a total cash consideration of RM51,888,000.
The group confirmed completion via a Bursa Malaysia announcement yesterday (April 15), with the transaction executed through its wholly-owned subsidiary ECML Hotels Sdn Bhd.
The disposal covers two adjoining freehold land parcels held under Geran 11256, No. Lot 348, and Geran 63526, No. Lot 426, both in Seksyen 15, Bandar George Town, Daerah Timur Laut, Pulau Pinang, together with the 11-storey hotel building comprising 258 rooms erected thereon.
The location (in red) of the hotel and land parcels involved in the disposal (source: EPIQ)
The transaction was first announced on Aug 15, 2025. Based on that announcement, the hotel was acquired in 2018 for RM21 million and carried an audited net book value of approximately RM22.9 million as at Dec 31, 2024.
At the disposal consideration of RM51,888,000, ECM Libra disclosed an estimated one-off gross gain of approximately RM29.0 million before estimated taxes and expenses of RM4.3 million.
Proceeds were allocated towards funding new projects, partial repayment of borrowings and working capital.
Main Market-listed ECM Libra closed at RM0.19 yesterday (April 15), with a market capitalisation of RM91.63 million.
source: https://www.edgeprop.my/
