Berjaya Corporation Berhad (BCorp) has disposed of a 1.90% equity stake in Berjaya Assets Berhad (BAssets) for RM14.55 million as part of its ongoing efforts to strengthen liquidity and optimise its investment portfolio.
The diversified conglomerate said its wholly owned subsidiaries, Ambilan Imej Sdn Bhd and Berjaya IPS Credits Sdn Bhd, sold a total of 48.5 million ordinary shares in BAssets through direct business transactions on July 9 at RM0.30 per share.
Ambilan Imej disposed of six million shares for RM1.8 million, while Berjaya IPS Credits sold 42.5 million shares for RM12.75 million.
Following the transaction, BCorp and its subsidiaries now hold 308.55 million shares, representing approximately 12.06% of the issued share capital of Berjaya Assets.
The group said the disposal price was determined after taking into consideration the prevailing market price of BAssets shares at the time of the transaction.
BCorp noted that the sale enables the group to realise part of its investment in Berjaya Assets, with the proceeds earmarked primarily for repayment of borrowings and to support the group’s working capital requirements, including administrative, marketing and operating expenses.
The company disclosed that the carrying value of the disposed shares in its books was RM0.73 per share, reflecting an investment held since March 2005.
BCorp said the disposal is not expected to have any material impact on the group’s earnings, net assets, gearing or issued share capital for the financial year ending June 30, 2027.
The company disclosed that several directors abstained from deliberations and voting on the transaction due to their interests in both BCorp and Berjaya Assets.
These included Chief Executive Officer and Executive Director Nerine Tan Sheik Ping, Executive Directors Chryseis Tan Sheik Ling and Rayvin Tan Yeong Sheik, as well as Non-Executive Chairman Tunku Tun Aminah Binti Sultan Ibrahim Ismail.
BCorp also noted that its major shareholder Tan Sri Dato’ Seri Vincent Tan Chee Yioun, along with Detik Ria Sdn Bhd, are major shareholders of both BCorp and Berjaya Assets.
