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PETALING JAYA (July 29): Berjaya Property Bhd has obtained Bursa Malaysia Securities Bhd's approval to list and quote 206.79 million new ordinary shares to be issued as consideration for its proposed subscription of a 29% stake in Manjaran Sdn Bhd.
The company said in a Bursa Malaysia filing on Tuesday (July 28) that Bursa Securities, in a letter dated July 27, had approved the listing of the consideration shares on the Main Market, paving the way for the implementation of the proposed subscription.
Under the proposal, Berjaya Property will subscribe for 2.32 million new ordinary shares in Manjaran, representing a 29% equity interest in the company.
The approval is subject to several conditions, including Berjaya Property and its principal adviser, Berjaya Securities Sdn Bhd (formerly known as Inter-Pacific Securities Sdn Bhd), complying with the relevant provisions of Bursa Malaysia's Main Market Listing Requirements in implementing the transaction.
The company must also comply with the approved lower public shareholding spread of 20% upon the listing and quotation of the consideration shares.
The latest announcement follows the company's earlier updates on June 29, June 30 and July 16 regarding the proposed subscription.
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