Berjaya Land acquires 19.4m ICULS worth RM17.38m

KUALA LUMPUR: Berjaya Land Bhd acquired a total of 19.4 million 0% 10-year irredeemable convertible unsecured loan stocks 2005/2015 (ICULS) of 50 sen nominal amount each in Berjaya Corporation Bhd (BCorp) for RM17.38 million.

The developer, through its unit Immediate Capital Sdn Bhd, made the acquisition between June 8 and June 15 this year, it said in a filing to Bursa Malaysia on Tuesday, June 15. The amount of RM17.38 million translated into an average purchase price of about 90 sen per BCorp ICULS in the open market.

“The acquisitions represent an opportunity for Immediate Capital to increase its investment in BCorp with its surplus internally generated funds,” it added.

Following the acquisitions, Immediate Capital now holds 21.9 million BCorp ICULS.