Shareholders of Duty Free International (DFI), the Singapore-listed subsidiary of Malaysian management/investment company Atlan Holdings, have unanimously approved the disposal of up to 25 per cent equity interest, plus one share, in DFZ Capital.
German travel retailer Heinemann Asia Pacific will become a cornerstone shareholder in DFZ which runs the store network The Zon, duty free and is the largest largest duty-free retailing group in Malaysia.
DFI says the 25 per cent stake comprises a 10 per cent equity interest plus one share in DFZ, to be sold for 19.7 million euros (RM90.3 million or US$21.9 million) in cash, as well as two call options to buy up to a further 15 per cent equity interest.
If Heinemann acquired an extra 15 per cent, the proceeds from the disposal would be up to 52.21 million euros.
The Zon duty free has stores at KLIA, KLIA2, Subang, Penang, Melaka and Tioman airports, and downtown stores in Malaysia, including one in the Black Forest Duty Free resort at Bukit Kayu Hitam.
The proposed sale should be completed by the end of next month.