PETALING JAYA: Berjaya Corp Bhd (BCorp) is acquiring home appliances distributor Singer (M) Sdn Bhd from major shareholder Tan Sri Vincent Tan.(pic)
“The market talk is that BCorp is purchasing Singer from Tan, ” a source told StarBiz yesterday.
Trading in BCorp has been suspended from yesterday until 5pm today, pending a material transaction.
The stock last traded at 19 sen on Friday, with a market capitalisation of RM930.49mil.
Last year, the Berjaya group announced that it had planned to inject Singer into BERJAYA MEDIA BHD as part of the company’s regularisation plan.
According to its website, the Singer brand was established in Malaysia in 1906 as a branch of US-based Singer Sewing Machine Co.
In 1989, Berjaya Corp made a takeover bid for SSMC Inc, the parent company of Singer, resulting in BCorp acquiring 100% equity in Singer.
Singer became a wholly-owned subsidiary of Berjaya Retail Bhd, which also owned 7-Eleven Bhd, on June 14,2010.
Berjaya Retail, which was listed in 2010, was however taken private within less than a year by Tan, who cited the company’s poor share price performance as one of the reasons for the privatisation exercise.
According to Singer’s Malaysian website, the company has a retail network of over 700 shops in major townships, suburban and rural areas.
It is supported by more than 3,000 sales associates and 350 authorised after sales service contractors.
“Singer sells and provides easy payment scheme for its variety of consumer durables, both brown and white goods, flat panel television, refrigerator, washers, furniture, motorcycles, wellness products and digital products to Malaysia consumers.
“Singer was the pioneer in offering flexible Easy Payment Scheme giving customers the option of paying for the purchases by monthly installments that ranges from three to 48 months, ” it said.
Did you find this article insightful?
67% readers found this article insightful