Berjaya Land's Unit To Dispose Of 80 Pct Equity Interest In Bhandico12 For RM201.96 Mln

KUALA LUMPUR, June 12 (Bernama) -- Berjaya Land Bhd’s (BLand) wholly owned subsidiary, Berjaya Leisure (Cayman) Ltd (BLCL), has entered into two capital transfer agreements for the proposed disposal of its entire 80 per cent equity interest in the charter capital of Berjaya-Handico12 Co., Ltd (BHandico12).

BHandico12, a BLand joint venture company, was incorporated in Vietnam on Feb 9, 2007, and is principally involved in property investment and development.

Its existing charter capital is 1.56 trillion VND (about RM254.28 million), of which BLCL contributed 80 per cent, while the balance 20 per cent was contributed by Viet Duc Investment and Trading Co. Ltd. 

In a filing with Bursa Malaysia, BLand said the disposal is for a total cash consideration of 1.23 trillion VND (approximately RM201.96 million).

“The proposed disposals represent an opportunity for the BLand Group to realise its investment in BHandico12.

“It will not have any effect on the issued share capital and substantial shareholders’ shareholdings of BLand,” it said, adding that the group is expected to record a gain on disposal of about RM5.96 million upon completion of the proposed disposals.

-- BERNAMA