BEDI Bhd's RM38.87m Sabah acquisitions go unconditional
BEDI Bhd announced that its RM38.87 million acquisition of two Sabah property companies from Bedi Development Sdn Bhd became unconditional on 28 Sept 2026. The deal covers Sejati Sentral (Sandakan) Sdn Bhd and FYT Land (KK) Sdn Bhd, which own commercial and residential projects in Sandakan and Kota
PETALING JAYA (29 Sept): BEDI Bhd's proposed RM38.87 million acquisition of two Sabah property development companies from Bedi Development Sdn Bhd became unconditional on Monday (28 Sept) after all conditions precedent under the share sale agreements were fulfilled.
BEDI said in a Bursa Malaysia filing that it would acquire the entire equity interests in Sejati Sentral (Sandakan) Sdn Bhd for approximately RM17 million and FYT Land (KK) Sdn Bhd for approximately RM21.87 million. The filing did not state that the acquisitions had been completed. Under the agreements, completion is scheduled for 21 business days after 28 Sept, unless the parties agree on another date.
Sejati Sentral owns and develops an integrated commercial project of the same name in Sandakan, with an estimated gross development value (GDV) of RM225.68 million. As at 3 June, it had sold 66 units across the project's first two phases, representing 70.97 per cent of units launched. FYT Land owns and develops Bayu Damai Residences and Luna Damai Residences in Kota Kinabalu, which have a combined estimated GDV of approximately RM1 billion. Bayu Damai, the first phase, had sold 603 units, or 79.13 per cent of its units, as at 3 June. Luna Damai had yet to be launched.
BEDI signed the conditional agreements on 22 June. In August, it finalised the purchase prices following the completion of the target companies' audited financial statements and valuation adjustments for the projects. The aggregate consideration rose from the initial indicative RM38.82 million to RM38.87 million.
The acquisitions are related-party transactions. BEDI group managing director and substantial shareholder Kong Chung Vui, along with major shareholders linked to EXSIM Borneo Sdn Bhd, have interests in the vendor and target companies.
