KUALA LUMPUR (Sept 6): British American Tobacco (M) Bhd (BAT) shareholders approved the proposed sale of its properties in Petaling Jaya to LGB Properties (M) Sdn Bhd for RM218 million.

BAT shareholders had at the company's extraordinary general meeting here today, approved the sale of the properties comprising land, offices, factories and warehouses within Virginia Park along Jalan Universiti.

"99.99% of shareholders voted for the disposal," a shareholder said.

"They didn't mention where they want to relocate the operations, but they still have a year to decide. For now, they will sell the land and rent it for one year from LGB," he said.

He said BAT had the option of renting the land for an additional year from LGB.

At 12:30 p.m., BAT shares rose 68 sen or 1.4% to settle at RM50.40, for a market value of RM14.39 billion. The stock saw 22,100 shares traded.