Tan will provide to BCorp a profit guarantee that Singer will achieve a profit after tax of RM20mil per year for 2020 and 2021.
PETALING JAYA: Berjaya Corp
Bhd has signed a memorandum of understanding (MOU) with Berjaya Retail Sdn Bhd (BRetail) and Tan Sri Vincent Tan, the major shareholder of both BCorp and BRetail, to acquire 100% stake in Singer (M) Sdn Bhd from BRetail for a net payment of RM388mil.
The deal is after the set-off of the inter-company debts of the Singer Group of RM148million against the purchase consideration of RM536 million.
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