Kuala lumpur: Fraser and Neave Holdings Bhd (FandN) has announced the receipt of RM136.20 million from Tan and Tan Development Bhd (TTDB), marking the first tranche payment in the sale of a 50 percent equity interest in Vacaron Company Sdn Bhd to TTDB.

According to BERNAMA News Agency, Vacaron Company Sdn Bhd is a joint venture between FandN and Frasers Property Holdings (Malaysia) Pte Ltd (FPH). The overall interim purchase consideration for the transaction was determined at RM181.61 million. FandN clarified that the initial payment received represents 75 percent of this amount. The transaction was executed as stipulated in the sales and purchase agreement, with the first tranche of the interim purchase consideration being received on September 3, 2026.

FandN further elaborated that TTDB has provided an irrevocable bank guarantee, covering the remaining 25 percent of the interim purchase consideration. This guarantee secures TTDB's obligation to remit the second tranche by July 3, 2027. With this arrangement, FandN confirmed the completion of the transaction as per the agreed terms.