On 14 December 2018 Tan Sri Khoo Kay Peng resigned as the executive chairman of Mui and was replaced by his son Andrew Khoo Boo Yeow.
Less than 24 hours after the announcement of his appointment as the new executive chairman of Mui, Andrew Khoo met with the press to reveal his ambitious plan for the loss-making company. Mui has been in the red since 2014. His plan was to turn Mui around in two years with profit and be able to give shareholders dividend.
One of his strategic thrusts for the Mui is to rationalise the group assets.
On 30 April this year, Mui informed Bursa Malaysia that its wholly owned unit Corus Hotel Ltd has appointed N.M. Rothschild and Sons Ltd as its financial adviser on the sale of Corus Hotel Hyde Park, London. Andrew revealed that the group had received an offer of slightly more than 200 million pound (Rm1.09 billion) before Rothschild's appointment. In May Andrew Khoo said that he hoped to be able to identify a buyer within the next 3 to 4 months.
By now 6 months has passed since Rothschild's appointment, I just wonder whether Mui has already identified a buyer and has proceeded to finalise the S&P agreement ? But one thing is for sure, Mui's share price will fly when there is announcement to Bursa Malaysia on the buyer for the Hotel.
From the chart, it is wave (1)-(2), 1-2 until December 2018. In 2019, Mui has formed mini wave 1-2-3-4. From the 6-month chart, Mui is about to complete its minor wave (i)-(ii), minor wave (iii) is getting ready to start.
At today closing price of 20 sens, Mui's market cap is Rm587 million, Corus Hotel Hyde Park alone is already more than its market cap by Rm483 million or 82% without considering its other Hotels/properties and businesses.
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