Guoco Group (HKG:0053) said shareholders of GuocoLand (Malaysia) (KLSE:GUOCO) approved a proposed privatization of the Malaysian property developer at an extraordinary general meeting held Friday, according to a same-day filing with the Hong Kong bourse.

The privatization, proposed by GLL (Malaysia), a wholly owned subsidiary of GuocoLand (Singapore), will be carried out through a selective capital reduction and repayment exercise.

Guoco Group said in February that the transaction would result in GuocoLand (Malaysia) becoming an indirect wholly owned subsidiary of GuocoLand and lead to its delisting from Bursa Malaysia upon completion.

The transaction remains subject to remaining conditions, including approval from the High Court in Malaya and the subsequent lodgement of the court order with the registrar.

Subject to those conditions being met, the privatization is expected to be completed in the first quarter of fiscal 2027, the filing said.