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KUALA LUMPUR (June 24): TWL Holdings Bhd (KL:TWL) has provided further details on its proposed RM42 million acquisition of a 45% stake in property investment company Fairise Odyssey (M) Sdn Bhd following a query from Bursa Malaysia.
In its reply on Wednesday, TWL said Fairise Odyssey does not directly own any property but holds a 50% stake in Elite Community Sdn Bhd, which owns two leasehold land parcels in Mukim Setul, Seremban, with a combined area of 206.64 acres.
The land, located near the Nilai Springs Golf & Country Club, remains undeveloped. It was valued at RM198 million as at Dec 16, 2025 and has been earmarked for a RM1.5 billion affordable housing project.
TWL said the proposed development is expected to comprise about 5,000 affordable housing units and generate approximately RM500 million in profit.
The acquisition, announced on June 19, involves TWL Builders Sdn Bhd, a wholly-owned subsidiary of TWL, acquiring a 45% equity interest in Fairise Odyssey from Lam Boon Ling for RM42 million cash.
The group said the purchase consideration was arrived at on a willing-buyer, willing-seller basis after taking into account factors such as the land's market value, location, future development potential, long-term investment value and income-generating prospects.
Financial information disclosed in the reply showed that Fairise Odyssey has remained dormant, recording no revenue over the past three financial years and posting a net loss of RM54 based on its latest management accounts for 2025. As at end-2025, Fairise Odyssey had net assets of RM1.98 million.
Meanwhile, Elite Community, the land-owning entity, also recorded no revenue and remained in a net liability position of RM333,529 based on its latest management accounts for 2026.
TWL said the acquisition is not expected to have any significant impact on its earnings or net assets for the financial year ending June 30, 2026. Based on an illustrative calculation, earnings per share would remain unchanged at 0.34 sen, while net assets per share would stay at nine sen following the acquisition.
As at March 31, 2026, TWL was in a net debt position, with cash and bank balances of RM49.79 million, short-term borrowings of RM63.96 million and long-term borrowings of RM27 million.
Shares in TWL closed at 2.5 sen on Wednesday, valuing the company at RM166.43 million. The price has remained unchanged over the past one year.
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