KUALA LUMPUR: Berjaya Sports Toto Bhd
(BST) is proposing to spin off its cash generating subsidiary, Sports Toto Malaysia Sdn Bhd (STM), into a business trust or STM-Trust to be constituted in Singapore and have it listed on the Singapore Stock Exchange (SGX).
Under the scheme, BST would divest STM to STM-Trust for RM6bil to be satisfied by an issue of 4.43 billion trust units issued at S$0.50 each or RM1.24 and about RM527.4mil would be settled via the issuance by STM-Trust of a promissory note or bill of exchange in favour of BST.
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