KUALA LUMPUR: Fraser & Neave Holdings Bhd
(F&N) has received RM136.20 million from Tan & Tan Development Bhd (TTDB), representing the first tranche payment for the disposal of a 50 per cent equity interest in Vacaron Company Sdn Bhd to TTDB.
Vacaron is a joint venture company between F&N and Frasers Property Holdings (Malaysia) Pte Ltd (FPH).
F&N said the interim purchase consideration was determined at RM181.61 million.
It said the first tranche payment represented 75 per cent of the interim purchase consideration. "Payment of the first tranche of the interim purchase consideration was received on Sept 3, 2026,” it told the stock exchange.
F&N said TTDB also delivered an irrevocable bank guarantee for an amount equivalent to 25 per cent of the interim purchase consideration. The bank guarantee secures TTDB’s obligation to pay the remaining 25 per cent, or second tranche, of the interim purchase consideration on July 3, 2027.
"Accordingly, the transaction was completed today pursuant to the sales and purchase agreement,” it added. - Bernama
