MANILA, Philippines - The local unit of Malaysian conglomerate Berjaya Corp. Bhd. has spent more than $7 million to buy into a property firm and duty-free retailer in Malaysia.
Berjaya Philippines Inc. has secured a minority stake in Malaysian firm Atlan Holdings Bhd as a portolio investment, it said in a disclosure to the stock exchange.
“Berjaya Philippines acquired 5.1 million common shares of Atlan... for a total cash consideration of $7.48 million,†the company told the local bourse.
The transaction allowed Berjaya Philippines to own 2.01 percent of Atlan, which is into property development and duty-free retailing operation in Malaysia.
Berjaya Philippines said it plans to hold the shares as a near term investment.
“[Berjaya Philippines] has no plans of acquiring more shares of Atlan, but has not determined that it shall not acquire more shares,†the company said.
Parent firm Berjaya is a significant minority shareholder in Atlan, which is listed in Malayia’s stock exchange Bursa Malaysia Securities Berhad.
Berjaya Philippines supplies equipment for lottery operations in Luzon and owns the Berjaya hotel in Makati.
It also holds the local franchise for pizza restaurant Papa John’s and is the sole distributor of Mazda vehicles, parts and accessories in the Philippines.
Berjaya Philippines is looking to build more hotels in the country, including the luxury Four Seasons Hotel, and produce consumer goods in anticipation of higher consumption and tourism growth.