F&N finalises RM181.55m price for Vacaron stake sale to Tan & Tan
Fraser & Neave Holdings has finalised the sale of its entire 50% stake in Vacaron Company to Tan & Tan Developments at RM181.55 million, a slight reduction from the interim price. The final consideration was set after an audit of Vacaron's accounts, with the land valued at RM360 million.
PETALING JAYA (Oct 15): Fraser & Neave Holdings Bhd (F&N) has finalised the consideration for the disposal of its entire 50% stake in Vacaron Company Sdn Bhd to Tan & Tan Developments Bhd at RM181.55 million.
The final consideration of RM181,550,800 is RM59,586 lower than the interim price of RM181,610,386 disclosed in September. In a Bursa Malaysia filing on Wednesday (Oct 14), F&N said the final consideration was determined following an audit of Vacaron's pro forma management accounts for the period from Oct 1, 2025 to Aug 21, 2026, and delivery of the completion accounts to Tan & Tan.
The disposal was completed on Sept 4. The latest announcement finalises the purchase price under the sale and purchase of shares agreement signed on Aug 21. Vacaron owns approximately 5.149 hectares, or 554,227 sq ft, of leasehold land in Section 13, Petaling Jaya, earmarked for a mixed-use development. The parcel is held under Pajakan Negeri 108938, Lot 10148, Seksyen 13, Bandar Petaling Jaya, Daerah Petaling, Selangor.
The disposal involved F&N's entire interest in the landowning company, with Frasers Property Holdings (Malaysia) Pte Ltd retaining its 50% stake. Under the agreed pricing mechanism, the consideration was based on 50% of Vacaron's adjusted pro forma net asset value as at Aug 21, 2026. The calculation deducted the carrying value of the land and property development costs from Vacaron's net asset value before adding the agreed land value of RM360 million.
F&N previously disclosed that it received RM136.21 million on Sept 3, representing 75% of the interim consideration. On Sept 4, Tan & Tan provided an irrevocable bank guarantee securing payment of the second tranche, equivalent to 25% of the interim consideration, which is payable on July 3, 2027. The Oct 14 filing did not specify how the RM59,586 price adjustment would be settled.
In its original announcement in September 2025, F&N said the disposal would unlock the value of its non-core properties, as property development no longer formed part of the group's core business. It said proceeds would support the growth of its core businesses, including its food and beverage operations and integrated agriculture and dairy farm operations in Gemas, Negeri Sembilan.
