Berjaya Assets (BAssets) Bhd has entered into a share sale agreement with Johor Sultan Ibrahim Sultan Iskandar to repurchase 20 percent equity interest in its subsidiary, Berjaya Times Square (BTS) Sdn Bhd, for RM250 million.

In a filing to Bursa Malaysia today, BAssets said the cash consideration was funded entirely through borrowings and BTS is now an entirely owned subsidiary of BAssets.

"Based on the audited BTS Group's net assets (NA) as at June 30, 2015, of RM2.03 billion, the acquisition resulted in a rise of RM131.41 million to the retained earnings of the BAssets Group, being the excess of 20 percent stake in the NA of BTS Group over the consideration for the acquisition," it said.

In 2013, BAssets disposed of 20 percent equity interest in its unit, BTS, for RM250 million cash to Sultan Ibrahim Sultan Iskandar.

- Bernama