Malaysian consumer marketing to property development company Berjaya Corp. Bhd (BCorp.) and its wholly-owned subsidiary Juara Sejati Sdn Bhd have agreed to buy 4.61 percent of its property arm Berjaya Land BHD.
BCorp. will buy the stake from Penta Master Fund Ltd., PCM Industrial LP and Penta Asia Long/Short Fund Ltd. for 87.4 million Malaysian ringgit ($21.2 million).
Berjaya Corp. said that the 230 million Berjaya Land shares will be bought for a total purchase consideration of $21.2 million or $9.25 per share, to be fully satisfied through the issuance of 291.3 million BCorp shares at an issue price of $7.30 apiece.
BCorp, which expects to complete the exercise within the first quarter of 2019, said that the purchase will enable the company to increase its equity participation in the future development and prospects of Berjaya Land.