Bedi finalises RM38.87m consideration for proposed related-party acquisitions of Sabah developers

PETALING JAYA (Aug 11): Bedi Bhd has finalised the purchase consideration for its proposed acquisitions of Sejati Sentral (Sandakan) Sdn Bhd and FYT Land (KK) Sdn Bhd from related party Bedi Development Sdn Bhd (BDSB) at approximately RM38.87 million.

In a Bursa Malaysia filing on Monday (Aug 10), the property developer said the final purchase consideration was determined based on the final revalued net asset value (RNAV) of the respective target companies as at March 31, 2026, following the finalisation of their audited financial statements and valuation adjustments for the projects.

The consideration for Sejati Sentral was revised down to approximately RM17 million from the indicative RM17.55 million, while that for FYT Land was increased to approximately RM21.87 million from RM21.27 million.

This brings the aggregate purchase consideration to approximately RM38.87 million, compared with the RM38.82 million initially indicated when the conditional share sale agreements were signed on June 22.

Bedi said all other terms and conditions of the agreements remain unchanged.

The proposed related-party transactions involve Bedi acquiring the entire equity interests in the two Sabah property developers from BDSB. The purchase consideration is to be satisfied entirely in cash. The proposed acquisitions remain subject to the fulfilment of conditions precedent, including approval from Bedi's non-interested shareholders and the relevant financiers' consents.

Upon completion, Sejati Sentral and FYT Land would become wholly-owned subsidiaries of Bedi.

Sejati Sentral is developing the Sejati Project, an integrated commercial development in Sandakan with an estimated gross development value (GDV) of RM225.68 million. FYT Land is developing the Bayu Damai Residences and Luna Damai Residences projects in Kota Kinabalu, which have a combined estimated GDV of approximately RM1 billion.

The two projects had an aggregate remaining unbilled and unsold GDV of approximately RM1.13 billion as at March 31, according to Bedi's June announcement. The company said the proposed acquisitions are intended to strengthen its active development pipeline and provide future revenue visibility through progressive billings, subject to construction progress, sales take-up and prevailing market conditions.

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