Brem emerges substantial shareholder of Titijaya with 9.25% indirect stake

PETALING JAYA: Brem Holdings Bhd has emerged as a substantial shareholder of Titijaya Land Bhd after its 48.33%-owned subsidiary Titi Kaya Sdn Bhd was allotted a 9.25% stake in the latter.
The shares allotted was the consideration received for Titi Kaya's disposal of 1.04 million shares in NPO Builders Sdn Bhd to Titijaya pertaining to the sale shares agreement made on September 30, 2016.
Recall that Titijaya acquired the entire stake in NPO Builders for RM115.61 million through the issuance of 79.73 million shares. NPO Builders owns 46.2-acre land in Bukit Raja, Klang.
Titijaya is planning to develop the land into a mixed development project with a gross development value of RM2.4 billion.
Brem Holdings' share price was down one sen to close at RM1.07, while Titijaya's share price was unchanged at RM1.56.