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- The 44.14% stake in BFB Project Pty Ltd is being sold to Mayfair International Investments Pty Ltd — which owns the remaining 55.56% stake — for A$4.2 million (RM12.11 million), Fajarbaru said in an exchange filing.
KUALA LUMPUR (Oct 11): Construction company Fajarbaru Builder Group Bhd (KL:FAJAR) has proposed to dispose of its 44.44% stake in an Australian property development company in a related party transaction.
The 44.14% stake in BFB Project Pty Ltd is being sold to Mayfair International Investments Pty Ltd — which owns the remaining 55.56% stake — for A$4.2 million (RM12.11 million), Fajarbaru said in an exchange filing.
BFB director Chan Jiaheng is also the director and shareholder of Mayfair. The other shareholder of Mayfair is Teh En Yee.
Chan and Teh are the son and daughter-in-law of Fajarbaru executive chairman Tan Sri Chan Kong Choy.
The sale was conducted on a "willing-buyer, willing-seller basis", with consideration given to an indicative valuation by KPMG Corporate Advisory Sdn Bhd, which valued the equity in the range of A$3.97 million to A$4.30 million, said Fajarbaru.
Shares in Fajarbaru closed two sen or 4.94% higher at 42.5 sen on Friday, giving the company a market capitalisation of RM312.63 million. Year-to-date, the stock has appreciated by 46.55%.
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