Friday 29 Mar 2024
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KUALA LUMPUR (Dec 18): Berjaya Assets Bhd (BAssets) has acquired the entire 20% stake in its subsidiary Berjaya Times Square Sdn Bhd (BTS) held by Johor Sultan Ibrahim Ismail Ibni Almarhum Sultan Mahmud Iskandar Al-Haj for RM250 million or RM1.67 per share, enabling BAssets to regain total control over BTS.

In a filing with Bursa Malaysia today, BAssets said it has signed a share sale agreement with Sultan Ibrahim for the acquisition. Following this, BTS is now a wholly-owned subsidiary of BAssets.

It said Sultan Ibrahim had offered to dispose of his stake comprising 150 million shares in BTS to BAssets at the same consideration when he acquired the BTS shares in 2013.

The cash consideration for the acquisition was funded entirely through borrowings, BAssets said, adding that its gearing has increased from 0.28 times to 0.42 times.

BTS owns and manages the Berjaya Times Square Mall in Kuala Lumpur, as well as the Berjaya Waterfront and 76 units of office lots in Menara MSC Cyberport in Johor Baru.

"Based on the latest audited net assets (NA) of BTS Group as at June 30, 2015 of RM2.03 billion, the acquisition resulted in an increase of about RM131.41 million to the retained earnings of the BAssets Group being the excess of 20% stake in the NA of BTS Group over the consideration for the acquisition," it said.

Accordingly, the consolidated NA per BAssets share has increased from RM1.90 to RM2.02.

BAssets shares closed unchanged at 80 sen today, for a market capitalisation of RM890.4 million.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

 

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