Berjaya Philippines to buy half of London's RBW in PHP3.7M cash deal
Berjaya Philippines Inc will acquire 50% of RBW Holdings Ltd's shares, according to Philippine Stock Exchange disclosure. The acquisition is valued at PHP3.7 million in cash, wrote GMA News Online.
Jose Bernas, the corporate secretary of Berjaya Philippines, told GMA via phone about its plans to diversify: "We're always looking for opportunities here and abroad, opportunities that are easy to digest," he said. We saw a commercial opportunity here, it's a high-end market."
The main purpose of the deal was to take a shot at the business opportunities in London's real estate industry. This is the second time that the Philippine holding firm made an acquisition in the UK. In 2013, it bought a majority stake in British luxury car firm HR Owen, ABS-CBN News detailed.
RBW is a London-based real estate firm that develops properties in the UK. Berjaya Philippines, on the other hand, is a subsidiary of Malaysia-based real estate developer Berjaya Group, the report said.
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