Berjaya unit buys stake in UK firm

The local unit of Malaysian conglomerate Berjaya is acquiring a 50-percent stake in a British firm focusing on real estate development in London.

Berjaya Philippines said in a disclosure to the Philippine Stock Exchange that it had agreed to subscribe to 50,001 shares of RBW Holdings Ltd., a UK corporation that was established to acquire and develop real estate mainly in London.

The shares acquired comprise 50 percent plus one share of the total issued shares for a cash payment of £50,001 (about P3.72 million).

This investment was made to “take advantage of real estate opportunities in London,” the disclosure said.

In relation to the transaction, Berjaya Philippines agreed to extend a loan to RBW amounting to £50,001. Doris C. Dumlao