Berjaya Land Berhad has announced the proposed disposal of its entire 80% equity interest in Berjaya-Handico12 Co., Ltd, a Vietnam-based joint venture involved in property development, for a total cash consideration of VND1.239 trillion (approximately RM201.96 million).
The disposal will be executed through two separate capital transfer agreements signed on 12 June 2025 by BLand’s wholly-owned subsidiary, Berjaya Leisure (Cayman) Limited:
A 45% stake will be sold to Dong Thinh Phat Land JSC (DTPL) for VND697 billion (RM113.61 million)
A 35% stake will go to Green Hill Construction Investment JSC (GHCI) for VND542 billion (RM88.35 million)
Incorporated in 2007, BHandico12 is primarily involved in real estate investment and development in Vietnam. Its flagship project, Hanoi Garden City, is an integrated mixed-use development located on a 78-acre site in Hanoi’s Long Bien district. The development features a mix of residential, commercial, and community facilities including high-rise apartments, retail shops, a hospital, school, and administrative offices.
As of 31 March 2025, BHandico12 had unaudited net assets of VND1.169 trillion (RM190.53 million), reflecting a capital increase exercise completed in September 2024.
Berjaya Land said the disposal represents an opportunity to realise its long-standing investment in BHandico12, which dates back to 2007. The total sale consideration represents a 32.5% premium over BHandico12’s net asset value, with a price-to-book ratio of 1.32 times.
The group said the proceeds from the sale will be used for repaying borrowings and general working capital. It is expected to register a gain of approximately RM5.96 million from the disposals.
The transaction represents a 5.38% ratio under Bursa Malaysia’s listing requirements and does not require shareholder approval. Relevant documents will be available for inspection at BLand’s registered office in Kuala Lumpur for three months.
