PETALING JAYA: Fraser & Neave Holdings Bhd
(F&N) is disposing of 5.149 hectares of leasehold land in Seksyen 13, Bandar Petaling Jaya, Selangor which is expected to contribute RM83.2mil to the group.
In a filing with Bursa Malaysia, the group said it plans to dispose of its 50% stake in Vacaron Company Sdn Bhd, a joint venture company with Frasers Property Holdings (Malaysia) Pte Ltd (FPH), to Tan & Tan Developments Bhd (TTDB).
Vacaron owns the parcel of land that F&N is selling.
The current market value for the land is RM360mil, as appraised by Henry Butcher Malaysia on March 10, 2025 and further updated on Sept 10 this year.
F&N said it is focused on unlocking the value of its non-core properties and will utilise the funds generated to grow its core business in manufacturing, distributing, marketing and sale of its beverage, dairy and food products. It will also be used for investing in and operating its fledgling dairy farm.
The proposed transaction is expected to be completed in the third quarter of 2027.
TTDB was listed on the Main Board of the Kuala Lumpur Stock Exchange (now Bursa Malaysia Securities Bhd) until Goldis Bhd (now IGB Bhd) took over its listing on May 8, 2002, following the merger of TTDB, IGB Corporation Bhd, and Goldis Bhd. This company is mainly involved in property development, project management services, and investment holding.
