UPDATE 1-Australia's FKP to raise A$324 mln, Mulpha buys in

(Adds Mulpha participation in raising)

SYDNEY, June 25 (Reuters) - Australian property firm FKP Property Group (FKP.AX) plans to raise A$324 million ($258 million) to strengthen its balance sheet, it said on Thursday, while reiterating its fiscal 2009 profit forecast.

Under the offer, investors will be entitled to 2.3 new FKP securities for every 1 security at a price of $0.40.

The company said its operating profit for fiscal year 2009 would be in the range of A$75-A$80 million.

Mulpha International (MITC.KL), a Malaysian property-to-financial company which holds a 22.6-percent stake in FKP, has committed to take up its full entitlement and also sub-underwrite up to A$75 million of the entitlement offer, FKP said.

Mulpha's stake could rise to up to 30 percent following the offer, although it will depend on how the raising goes, an FKP spokeswoman said.

Stockland Group (SGP.AX), which owns about 12 percent, has not committed yet, the spokesman said. ($1=1.255 Australian Dollar) (Reporting by Eriko Amaha)