Malaysia-based OSK Holdings Bhd.'s Australian units have entered into share sale and purchase agreements.
PJ Development Holdings Bhd. agreed to sell a 100% stake in Yarra Development Holdings (Australia) Sdn. Bhd. to Employees Provident Fund Board for a consideration of 100 Malaysian ringgit, the company said April 5.
Meanwhile, Yarra Australia Development Pty. Ltd., an indirect subsidiary of OSK Holdings, entered into a share subscription agreement with Yarra Park City Pty. Ltd. on April 5. Yarra Park is principally involved in property investment and development.
Yarra Australia will subscribe to new shares of Yarra Park for A$154 million, which may be adjusted for an additional A$21 million for a total of A$175 million. The purchase will be funded through a A$175 million credit facility obtained by Yarra Development Holdings.
The stake sale and the subscription offer a chance for OSK Holdings to partner with Employees Provident Fund to undertake a large-scale mixed-use development in Melbourne.
As of April 6, US$1 was equivalent to 4.44 Malaysian ringgit, and to A$1.32.