Berjaya Corporation Berhad said it is contemplating on potential acquisition involving a licensed entity governed by Bank Negara Malaysia.
Without mentioning the firm or entity, BCorp said the company is regulated under the Financial Services Act, furthermore, the Act which states that “no individual shall hold more than ten percent of the interest in shares of a licensed person.” has prompted its major shareholder to pare down his interest in the group. In order to acquire the 51% equity stake in the licensed entity Tan Sri Dato’ Seri Vincent Tan Chee Yioun, the major shareholder and Non-Executive Chairman has undertaken to pare down his shareholding in order to comply with Section 92 of the FSA.
In view of this, Vincent Tan is carrying out several share disposals to reduce his stake to not more than 19.6% by January 2023 which will result in his effective interest in shares of the licensed entity being not more than 10% if the potential acquisition materialises.
BCorp is looking to expand and grow its financial services segment and expects the contribution from this potential acquisition to contribute significantly to the earnings and net assets of BCorporation Group. It said announcements will be made as required in compliance with BNM and Bursa rulings in due course.
