FKP's share price fall since Lend Lease's rejected takeover bid has provided Malaysia's Mulpha Group with a cheap opportunity to increase its stake.
Last Friday, Mulpha paid $19.82 million to buy 4.30 million shares at around $4.53 per share.
The purchase increased Mulpha’s stake from 15% to 16.63%. Since June 24, Mulpha has increased its stake in FKP from 13.91%.
But last Friday’s purchase was considered cheap compared to $5.05 per share Mulpha paid on June 24.
At the time FKP’s share price jumped to over $5.00 after Lend Lease made a $1.3 billion takeover bid, which lifted FKP shares out of doldrums of $3.75, prior to the bid.
Australian Property Journal
