Berjaya Board Not Aware Of CEO’s Plans Including Selling BToto

Newly minted Berjaya Corporation Chief Executive Officer Abdul Jalil Rasheed was quoted in a local business weekly on some mega plans for the group as part of a restructuring which includes Privatise BLand, Sell BToto and set up a Hospitality REIT, as this was not communicated to the regulators, Bursa wanted some clarifications.

In accordance with Bursa Securities’ Corporate Disclosure Policy, Berjaya Corp is to furnish Bursa Securities with an announcement for public release to either confirming or denying the above reported article. This will have to be done only after due and diligent enquiry with all its directors, major sharesholders and all other person familiar with the matters. It also stated that in the event Berjaya denies any part of the article, it is required to set forth facts sufficient to support. The regulators gave a day to reply to the query.

However the startling response came from the board of Directors who claimed that they are not aware of and has not deliberated any of the abovementioned strategic plans and will do so when the proposals are tabled to them. They further clarified that the plans were of personal idea and strategies of their ‘new’ CEO, a pretty awkward statement to make at this juncture.

They added that Jalil’s appointment was made to transform the group into an institutionalised group and to be managed by professionals. And he was mandated to relook at the groups structure and amongst others to improve synergies & efficiency, streamline the various group businesses and to transform it into a high performing organisation. To his defense the board said that Jalil was answering possible permutations as to how he can structure the group to achieve the objectives of the restructuring exercise and the possibility of divesting certain assets during these public investor relations forums.

We do anticipate more to come from this interesting episode in coming days.

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