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- In a filing with Bursa Malaysia, the beverage company said it intends to sell its 50% equity interest in Vacaron Company Sdn Bhd, the owner of a 5.15-hectare leasehold land in Section 13, Petaling Jaya that has been earmarked for a mixed-use development.
KUALA LUMPUR (Sept 25): Fraser & Neave Holdings Bhd (KL:F&N) has proposed to dispose of its half stake in a non-core property asset in Petaling Jaya for about RM180 million to focus on growing its dairy farm business.
In a filing with Bursa Malaysia, the beverage company said it intends to sell its 50% equity interest in Vacaron Company Sdn Bhd, the owner of a 5.15-hectare leasehold land in Section 13, Petaling Jaya that has been earmarked for a mixed-use development.
The buyer is Tan & Tan Developments Bhd, a property development company that was listed on the local exchange until Goldis Bhd (now IGB Bhd) took over its listing in 2002, following the merger of Tan & Tan Developments, IGB Corporation Bhd and Goldis.
The remaining 50% of Vacaron is held by Frasers Property Holdings (Malaysia) Pte Ltd.
The disposal consideration was determined based on 50% of the adjusted pro forma net asset value of Vacaron, said F&N, noting that the current market value of the land is RM360 million.
F&N added that it will record an estimated gain of RM83.24 million from the disposal.
F&N said the company’s focus is on manufacturing and selling its beverage, dairy and food products, as well as the operations of its integrated agriculture and dairy farm in Gemas, Negeri Sembilan.
“The proceeds from the proposed transaction will be used by F&N to support the growth and development of its core business operations, including its dairy farm,” the company said in the filing.
“By reinvesting these proceeds, F&N aims to enhance operational efficiency, strengthen its supply chain capabilities, and drive innovation across its food and beverage segments”.
The exercise is expected to be completed in the third quarter of 2027.
On Thursday, shares of F&N closed 14 sen or 0.51% lower at RM27.26, valuing the company at RM10 billion.
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