Johor Sultan raises stake in Berjaya Assets

Bigger stake: Sultan Ibrahim has acquired 80 million Berjaya Assets shares on Wednesday, raising his stake in the company to 10.09%.

PETALING JAYA: The Sultan of Johor, Sultan Ibrahim Ibni Almarhum Sultan Iskandar, has increased his stake in Berjaya Assets Bhd, making him the second-largest individual shareholder in the company that owns Berjaya Times Square.

This follows his purchase of 80 million Berjaya Assets shares on Wednesday, raising his stake in the company to 120 million, a filing with Bursa Malaysia showed yesterday.

The acquisition, which gave Sultan Ibrahim a 10.09% stake in Berjaya Assets, was done via several direct transactions off the market.

Shares in Berjaya Assets ended two sen lower yesterday at RM1.13.

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

“His Majesty’s stature as the second-largest substantial shareholder will definitely augur well for Berjaya Assets in the expansion of its businesses,” Tan said.

Berjaya Assets, on Wednesday, told the stock exchange that Tan and other companies controlled by him had sold a total of 80 million shares in the company for RM1 each.

The group is the major owner of Berjaya Times Square, one of Malaysia’s largest retail and commercial malls which houses Berjaya Times Square Theme Park, the largest indoor theme park in Malaysia.

In Johor Bahru, the group owns the 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, Berjaya Assets 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.

Berjaya Assets posted an unaudited revenue of RM356.36 million in the financial year ended 30 June 2017.

Sultan Ibrahim had, in August, emerged as a substantial shareholder in 7-Eleven Malaysia Holdings Bhd. He had been gradually buying more shares in the convenience store operator in the past months.

He now owns almost 10% of 7-Eleven Malaysia.

Tan, who is Berjaya Group’s founder, has an indirect 41% stake in 7-Eleven Malaysia.

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Business , Berjaya Assets , Sultan , Johor , Ibrahim , stocks , times square ,


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