Berjaya Assets Bhd (BAssets) announced that its wholly-owned subsidiary, Berjaya Bright Sdn Bhd (BBright) had disposed 19.2 million ordinary shares, representing about 0.33% stake in Berjaya Corporation Berhad (BCorp) for RM5.59 million in cash.
In a Bursa filing today (Feb 9), BAssets said the shares were disposed via direct business transaction in aggregate on 11 August 2023, 6 December 2023 and 8 February 2024.
The first disposal involved a total of 12.2 million BCorp shares to unrelated parties for a total cash consideration of about RM3.5 million or at an average selling price of 29 sen per BCorp share.
“The second disposal involved 7 million BCorp shares to U Telemedia Sdn Bhd (UTelemedia), an investment holding company controlled by Tan Sri Seri Vincent Tan Chee Yioun for a total cash consideration of about RM2.09 million or at 30 sen per BCorp share.
“Besides that, BBright had also during the period from 20 September 2023 to 26 September 2023 disposed in the open market a total of 9 million BCorp shares representing about 0.15% equity interest in BCorp for a total cash consideration of about RM2.65 million,” it said.
The group said following the disposals and open market disposals, BAssets and its subsidiaries now hold a total of about 174.85 million BCorp shares representing about 2.99% equity interest in BCorp.
“The cash considerations for the disposals were arrived at after taking into consideration the prevailing market prices of the BCorp shares at the time of the disposals and the shares were disposed of free and clear of all liens, charges and claims of any kind or restrictions.”
The group said the cash proceeds from the disposals will be utilised for repayment of borrowings and as working capital for the BAssets group and enabled the group to realise part of its investments in BCorp.
The carrying amount of the BCorp shares pursuant to the disposals in the books of the BAssets group as at 31 July 2023 and 30 November 2023 is RM0.29 per BCorp share whilst as at 31 January 2024 is RM0.285 per BCorporation Share, incurred since 2007.
BCorporation is a major shareholder of BAssets and Vincent Tan is a major shareholder of BAssets, BCorp and UTelemedia.
BAssets said Vincent Tan’s daughter as well as BAssets and BCorp executive director Chryseis Tan Sheik Ling had abstained from all board deliberations and voting in relation to the disposals, as she is an interested director
Meanwhile, Johor Princess and BAssets and BCorp non-executive chairman Tunku Tun Aminah Sultan Ibrahim Ismail, as well as BAssets shareholder and a major shareholder of UTelemedia, is deemed an interested director.
“As such, she had abstained from all board deliberations and voting in relation to the second disposal. She is not deemed interested in the first disposal but has also voluntarily abstained from all board deliberations and votes,” it added.
The group said the board of BAssets (save for Chryseis Tan and Tunku Tun Aminah) is of the opinion that the disposals are in the best interest of the BAssets Group.
“The Audit and Risk Management Committee of BAssets is of the opinion that the disposals are fair, reasonable and on normal commercial terms and are in the best interest of the BAssets group.”
The highest percentage ratios applicable to the disposals pursuant to Paragraph 10.02(g) of the Listing Requirements is about 0.46%.
