Malaysia-based property group Berjaya Land Bhd has proposed to divest its entire stake in TPC Nghi Tam Village (TPC Village) while local property developer Paramount Corp is looking to raise $192 million through its sukuk offering.
Malaysia-based property group Berjaya Land Bhd has proposed to offload its entire stake in TPC Nghi Tam Village (TPC Village), that operates Intercontinental Hanoi West Lake Hotel, for VND1,244.59 billion ($54 million), it said in a stock filing on Friday. Berjaya Land’s wholly-owned subsidiary, TPC Development, owns 75 per cent in TPC Village, while the remaining 25 per cent is held by Vietnam-based Thang Long GTC joint stock company.
It said the proposed disposal of its stake in the TPC Village joint venture will result in an estimated gain of about RM192.33 million ($46 million). It had invested VND 686.88 billion ($30 million) in the JV to date. The deal is expected to complete by first half of 2019.
Recently, Berjaya Land’s parent company Berjaya Group chairman Vincent Tan said the group would restructure businesses which might include the sale of assets, privatisation of 7-Eleven Malaysia Holdings and Berjaya Land, as well as listing the group’s hotel business in Singapore. However, Berjaya Group’s board of directors said it was unaware of the restructuring plans laid out by Tan, adding that those plans are his personal ideas and strategies.
Paramount sets up $192m sukuk Malaysia-based property developer Paramount Corp has established a 20-year unrated Islamic Medium Term Notes (Sukuk Murabahah) programme of up to RM800 million ($192 million) in nominal value, it said in a filing with Bursa Malaysia on Friday.
The proceeds raised will be used to finance acquisition of land, investment assets, property development projects, refinance existing and future borrowings. Paramount’s wholly-owned subsidiary Paramount Capital Resources Sdn Bhd has lodged the programme with the Securities Commission Malaysia to establish the programme.
Public Investment Bank Bhd is the principal adviser, lead arranger, security agent and facility agent whilst Amanie Advisors Sdn Bhd is the syariah adviser for the sukuk murabahah programme.
Source Deal Street Asia