MALAYSIA'S property-to-financial company Mulpha International has raised its stake in Australian property developer FKP Property to 22.8 per cent, Mulpha said today.
The Malaysian firm said it acquired another 43 million FKP shares for RM235.8 million (US$64.83 million) from the open market and by buying new shares issued by FKP.
It owned 37.12 million shares in FKP prior to the acquisitions.
The company said it has obtained the approval of the Foreign Investment Review Board of Australia to acquire up to 37 per cent of FKP shares without undertaking a mandatory general offer.
Under Australian securities rules, the trigger point for a mandatory takeover offer is 20 per cent.
By Reuters
Wednesday, December 3, 2008
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