Berjaya Corporation Berhad (BCorporation) has provided further details on the utilisation of proceeds from its recent divestments, earmarking RM18.76 million for the expansion of its financial services and stockbroking arms.
Its money lending business Berjaya IPS Credit will be allocated RM13.5 million while Berjaya IPS Equity will receive the balance.
The announcement follows the group’s disposal of equity interests in Berjaya Property Berhad and Sports Toto Berhad to its major shareholder, Tan Sri Dato’ Seri Vincent Tan Chee Yioun, earlier this week.
The Board of Directors clarified that the cash proceeds will be channeled specifically into the working capital of two key subsidiaries to support their respective business operations:
