Johor Sultan second largest shareholder in Berjaya Times Square owner

Johor Ruler Sultan Ibrahim Ibni Almarhum Sultan Iskandar

KUALA LUMPUR: Johor ruler Sultan Ibrahim Ibni Almarhum Sultan Iskandar, who in August emerged as the second largest shareholder in 7-Eleven Malaysia Holdings Bhd, has become the second biggest individual shareholder in another Berjaya group member, Berjaya Assets Bhd (BAssets).

This follows his acquisition of 80 million shares in BAssets - which owns and manages Berjaya Times Square - boosting his stake to 10.09% or 120 million shares, according to a filing with Bursa Malaysia on Monday.

The acquisition, which was done via direct transaction on Wednesday last week, is valued at RM93.6mil based on that day’s closing price of RM1.17. The counter closed 2 sen lower at RM1.13 on Monday.

In Johor Baru, BAssets owns Berjaya Waterfront Hotel, Shopping Complex and Ferry Terminal as well as office units at Menara MSC Cyberport.

Through its wholly owned subsidiary Berjaya Assets Food Sdn Bhd, BAssets has a licence agreement with Greyhound Café Co Ltd for exclusive rights to establish and operate restaurants under the trademark Greyhound Café in Malaysia.

The first Greyhound Café is located at ANSA Kuala Lumpur and the second restaurant was recently opened in Mid Valley Megamall Kuala Lumpur.

BAssets’ largest shareholder, Tan Sri Vincent Tan, said in a media statement that the Johor ruler’s increase in BAssets stake reflected his positive outlook for BAssets’ long-term prospects.

“His Majesty’s stature as the second largest substantial shareholder definitely augurs well for BAssets in the expansion of its businesses,” Tan said.

Sultan Ibrahim has gradually increased his shareholding in 7-Eleven Malaysia after he emerged as a substantial shareholder in the operator of the country’s largest convenience store chain with an 8.44% stake.

Today the ruler’s stake in 7-Eleven has reached nearly 10% (9.764% as at Sept 28).