Fajarbaru Builder Group Bhd announced that its subsidiary has entered into Share Purchase Agreement with Mayfair International Investments Pty Ltd to dispose of 44.44% equity interest in BFB Project Pty Ltd for AUD4,200,000.00 or equivalent to RM12,108,180.00.
BFB is registered in Victoria, Australia with a paid-up of AUD2,250,450.00 divided into 2,250,450 ordinary shares of
AUD1.00 each. The principal activity of BFB is property development with both Fajar 44.44% and Mayfair holding the rest of the share.
The Disposal Consideration was arrived at on a willing-buyer willing-seller basis, after taking into consideration the indicative valuation carried out by KPMG Corporate Advisory Sdn Bhd with equity value in the range of AUD3.97 million to AUD4.30 million using the Adjusted Net Asset Value Method after adjustments for fair value of assets and liabilities of BFB.
The Proposed Disposal provides an opportunity for the Group to realise the
investment in BFB to finance the Group's working capital requirements and as well
as any potential future investments, which provide the Group flexibility in respect of
financial planning
