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Fajarbaru buys stake to embark on third Australian project

KUALA LUMPUR (April 11): Fajarbaru Builder Group Bhd has, via its unit, bought 98 shares or a 49% stake in Australian firm Beulah Northcote Land Pty Ltd (BNL), for A$98 (RM290.84), paving the way for the group to embark on its third property project in Australia.

Following the stake buy, Fajarbaru will inject another A$2.99 million into BNL, to acquire 2.99 million new BNL shares to keep its stake at 49% as BNL raises its issued share capital to A$6.1 million.

BNL, a wholly-owned unit of Beulah Land Holdings Pty Ltd, holds the development rights to two freehold plots measuring a total of 5,018 sq m in Northcote, Melbourne, Australia.

“The development consists of at least 15 residential two-storey townhouses along Merri Creek in Northcote,” said Fajarbaru in a Bursa Malaysia filing.

Fajarbaru will finance the capital injection via internal funds. The acquisition is expected to be completed by April 16, 2018.

This article first appeared in The Edge Financial Daily, on April 11, 2018.

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