Fraser & Neave Holdings Bhd (F&NHB) has entered into a sale and purchase agreement (SPA) with Tan & Tan Developments Bhd (TTDB) for the proposed disposal of its 50% equity interest in Vacaron Company Sdn Bhd, a joint venture with Frasers Property Holdings (Malaysia) Pte Ltd.
F&NHB said the SPA was entered into today, following the fulfilment or waiver of the pre-SPA completion items.
The proposed transaction was first announced on Sept 25, 2025.
Under the agreement, the consideration for the 50% stake will be based on half of Vacaron’s adjusted pro forma net asset value as at the fulfilment date.
The adjusted pro forma net asset value is calculated based on Vacaron’s net asset value, excluding the carrying value of a parcel of land in Section 13, Petaling Jaya, as well as property development costs, and adding RM360 million, representing the revised value of the land mutually agreed upon by F&NHB and TTDB.
The company added that there were no significant changes to the key terms and conditions previously disclosed in the heads of agreement dated Sept 25, 2025.
The transaction involves Vacaron, which is jointly owned by F&NHB and Frasers Property Holdings (Malaysia) Pte Ltd, with each holding a 50% equity interest.
