• The disposal was done via a direct business transaction at an undisclosed price, following which Titi Kaya's stake in Brem has come down to 4.3% comprising 61.53 million shares, based on its latest share base.

KUALA LUMPUR (May 2): Brem Holdings Bhd has ceased to be a substantial shareholder in Titijaya Land Bhd, after its 48.33%-owned unit Titi Kaya Sdn Bhd disposed of 7.7 million shares in the property developer.

The disposal was done via a direct business transaction at an undisclosed price, following which Titi Kaya's stake in Brem has come down to 4.3% comprising 61.53 million shares, based on its latest share base.

Titi Kaya previously held 69.23 million shares in Brem, partly a result of a share consideration from Brem’s sale of its 51% stake in NPO Builders Sdn Bhd to Titijaya in October 2017.

NPO Builders owned 46.2 acres of land in Bukit Raja, Klang. Titijaya acquired NPO Builders as it wanted to develop the land into a mixed project with a gross development value of RM2.4 billion.

Brem is controlled by its managing director Tan Sri Khoo Chai Kaa, who holds a 15.69% direct stake in the construction and property group. Khoo has a 32.98% indirect stake in Brem via private vehicle Brem Properties Sdn Bhd.

Titijaya’s flagship projects include the Bayan Lepas Waterfront in Penang, as well as a handful of mixed development projects in the Klang Valley and Sabah.

Its financial performance has been mixed since the pandemic. In the first half ended Dec 31, 2022, Titijaya’s net profit almost doubled to RM8 million from RM4.41 million a year earlier, while revenue rose 3.14% to RM158.17 million from RM153.36 million, as losses narrowed from its rental business while sales improved in the property segment.

Shares of Titijaya settled half a sen or 1.92% lower at 25.5 sen on Tuesday (May 2), giving the group a market capitalisation of RM364.89 million.

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