BCorp in the dark about Tan’s restructuring plans

PETALING JAYA: Berjaya Corp Bhd (BCorp), the flagship company of tycoon Tan Sri Vincent Tan Chee Yioun, says it is unaware about its executive chairman’s plans to restructure his business empire.

It said the possible corporate proposals, as revealed by Tan at a press conference on Wednesday, including the potential delisting of 7-ELEVEN MALAYSIA HOLDINGS BHD and BERJAYA LAND BHD (BLand), were Tan’s personal ideas and strategies.

“The board of directors of BCorp is not aware of and has not deliberated any of the above-mentioned plans or proposals, including the delistings,” the company told Bursa Malaysia.

The company also clarified that the management of BCorp was still in negotiations with potential buyers on the possible sale of its Four Seasons Hotel and Hotel Residences in Kyoto, Japan.

It has yet to enter into any definitive agreement. “An announcement will be made once the agreement is executed,” it said.

Tan, at a press conference on Wednesday, said he was working on plans to take private convenient chain store operator 7-Eleven as well as property and hotel business unit BLand.

The tycoon also said plans were under way to list 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 next year.

Separately, both 7-Eleven and BLand also told the exchange that the companies were “totally not aware” of Tan’s delisting plans.

Shares in 7-Eleven and BLand ended higher yesterday, spurred by possible corporate exercises involving the two companies.

Tan, on Wednesday, cited the consistent undervaluation of 7-Eleven and BLand as one of the primary reasons for taking the companies private. On top of that, he said BLand had issues in complying with Bursa Malaysia’s listing requirements of having at least a 25% public shareholding spread.

Tan also said he might consider injecting a profitable asset into loss-making BERJAYA MEDIA BHD in a bid to revive the company.

The tycoon owns 48% of BCorp and 46% of 7-Eleven.

In a filing with Bursa Malaysia yesterday, BLand said losses in the second quarter ended Oct 31 had narrowed to RM1.7mil compared with RM99.9mil a year ago.

BLand’s main businesses are the numbers forecast operation mainly through Sports Toto Malaysia Sdn Bhd, motor retailing and the provision of after-sales services, property development and investment, and the operations of hotels and resorts.


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