Mulpha International has raised its stake in Australian property developer FKP Property to 22.8 per cent.

The firm announced that it had acquired another 43 million FKP shares for RM235.8 million (US$64.83 million) from the open market and by purchasing new shares issued by FKP. Prior to the acquisition, it had 37.12 million shares in FKP.

Mulpha said it has obtained the approval of the Foreign Investment Review Board of Australia to acquire up to 37 per cent of FKP shares without undertaking a mandatory general offer. According to Australian securities rules, the trigger point for a mandatory takeover offer is 20 per cent.