by TMR

Berjaya Land Bhd intends to divest its entire capital contribution in Berjaya Vietnam Financial Center Ltd (BVFC) for RM154.86 million with proceeds from the exercise to be utilised for working capital.

Under the capital transfer agreement, the property player’s wholly-owned unit Berjaya Leisure (Cayman) Ltd will dispose its 32.5% or RM193.46 million capital contribution in BVFC to Vinhomes Joint Stock Company and Can Gio Tourist City Corp.

Following conditions imposed by Vietnamese authorities, BVFC was required to increase its charter capital and Vinhomes agreed to inject RM352 million in fresh capital in the mixed commercial development on March this year.

Berjaya Land said the proposed disposal is an opportunity for the group to divest its investment in BVFC with the deal arrived at on a willing-buyer and -seller basis.

The disposal is expected to be completed by the second half of this year and is subject to approvals from the Department of Planning and Investment in Ho Chi Minh as well as other relevant authorities.