Atlan Bhd’s Singapore-listed subsidiary Duty Free International Ltd (DFI) has received an unanimous shareholders’ approval to dispose up to 25% equity interest plus one share in unit DFZ Capital Bhd – the largest duty-free retailing group in Malaysia – to Heinemann Asia Pacific Pte Ltd.
DFI said in a statement issued in Kuala Lumpur that the 25% stake comprised a 10% equity interest plus one share in DFZ, to be sold for 19.7 million euros (RM90.3mil) in cash, as well as two call options to purchase up to a further 15% equity interest in DFZ.
Assuming that Heinemann acquired an additional 15% equity interest in DFZ, the proceeds from the proposed disposal will be up to 52.21 million euros (RM239.3mil).
It said the proposed sale was targeted to be completed by June 2016.
DFZ has duty-free retail outlets, duty-free wholesale outlets and duty-paid retail outlets at various locations throughout Peninsular Malaysia such as Padang Besar, Langkawi, Bukit Kayu Hitam, KL International Airport and Johor Baru.
Singapore-headquartered Heinemann Asia Pacific is one of the leading multi-category duty free retailers at KLIA2, retailing under the brand “Be Duty Free”.
On completion of the proposed sale, Heinemann — a wholly-owned subsidiary of Hamburg, Germany-headquartered duty-free goods supplier Gebr Heinemann SE & Co KG — will be entitled to board representation on the board of directors of DFZ, allowing both parties to deliver the expected synergies in an efficient and timely manner.
(Source: The Star Online )