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Fajarbaru buys three tracts in Australia

KUALA LUMPUR: Fajarbaru Builder Group Bhd (FBG) has acquired three pieces of land in Australia for A$6.9 million (RM20.6 million) cash through its indirect unit, Fajarbaru-Beulah Melbourne Pty Ltd.

FBG said the acquisition was to add land bank to its property development division.

“The property development to be undertaken on the said land is expected to provide FBG with a new source of income,” said the construction outfit in a filing with Bursa Malaysia yesterday.

It said the acquisition is expected to be completed by the third quarter of 2014.

It added that the acquisition would not have any material impact on the earnings and earnings per share or net assets of the group.



This article first appeared in The Edge Financial Daily, on July 8, 2014.

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