KUALA LUMPUR (Aug 3): Berjaya Land Bhd (BLand) said it has disposed of an aggregate of 6.7 million shares representing a 1.88% stake in Berjaya Food Bhd (BFood) between June 15 until July 30.

In a Bursa Malaysia filing, BLand said the disposals were carried out via direct business transactions for RM12.55 million at an average price of RM1.87 per share.

Post disposals, BLand now holds a total of 4.85 million BFood shares, representing a stake of 1.36%.

The net cash proceeds from the disposals will be used to repay bank borrowings and for working capital, BLand said, noting that the disposals enabled the group to cash out part of its investment in BFood.

It added that the disposals have no effect on the BLand’s issued share capital, net assets, earnings and gearing.

Previously, BLand had also disposed of 15 million shares or 4.22% stake in BFood in May for RM27.61 million, resulting in its stake in BFood shrinking to 11.55 million or 3.25%. 

BLand shares closed unchanged at 26.5 sen, for a market capitalisation of RM1.33 billion.

BFood shares closed down one sen or 0.51% to RM1.94, translating into a market capitalisation of RM745 million.

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