Mulpha International Bhd, which in recent months had been engaged in share buy-back transactions on Bursa Malaysia, intends to make a foray into retirement village industry with approval of a resolution to increase its stake in FKP Ltd of Australia.
Resolutions passed yesterday at an EGM held in Subang Jaya will allow Mulpha to increase its stake in FKP from the current 4.7% to 14.2%. The move will make Mulpha the largest shareholder in FKP within six months. FKP has been aggressively consolidating the retirement home, villages and resorts industry in Australia, and is currently the largest retirement village owner/operator there.