Berjaya counters attracts trading interest; BLand jumps 22.2%

KUALA LUMPUR: Berjaya Group counters saw a boost in morning trade as Tan Sri Vincent Tan announced his plans to restructure his business that involve the sale of assets and as he mulls privatising two companies.

Berjaya Corp rose 3.64%, or onse sen to 28.5 sen with 18.1 million shares done, making it one of the most actively traded counters.

Berjaya Land Bhd (BLand) surged 22.22%, or four sen to 22 sen with 4.4 million shares traded while 7-Eleven Malaysia Holdings Bhd gained 0.79%, or one sen to RM1.28.

The Berjaya Corp Bhd (BCorp) founder and executive chairman plans to take private his convenient chain store operator 7-Eleven Malaysia and Berjaya Land.

The plan will start with asset sale at Tan’s flagship BCorp. The group is in the midst of sealing a deal to sell its Four Seasons Hotel and Hotel Residences Kyoto for about US$700mil (RM2.93bil) to US$800mil, which will translate into a divestment gain of US$400mil.

The tycoon has also set in motion plans to list his mobile telecommunications service provider U Mobile Sdn Bhd on Bursa Malaysia and the hotel business of BLand under a new name on the Singapore Exchange (SGX) next year.