PETALING JAYA: Berjaya Corp Bhd (BCorp) has disposed of its entire 51% stake in Peogeot distributor Berjaya Auto Alliance Sdn Bhd (BAASB) for RM6.67mil cash to other minority shareholders, including Bermaz Auto Bhd.
The deal will increase Bermaz’s stake in BAASB to 55% from 20% previously.
In a statement, BCorp group CEO Jalil Rasheed (pic) said the company is in the process of transforming into a diversified consumer group with focused business verticals and the divestment is part of the restructuring and rationalisation exercise to divest our non-core assets to create and enhance shareholder value.
“With Bermaz being part of the BCorp Group previously, we recognised that it would be more synergistic for Bermaz to acquire BAASB.
“Bermaz’s capabilities and expertise in the automotive industry have been proven by their tremendous success and impressive track record in running the Mazda business, and we are confident that they will be able to do well in replicating the same business success for Peugeot, ” Jalil pointed out in the statement.
In a separate statement, Bermaz said it had acquired an additional 35% stake in BAASB from BCorp for RM4.58mil.
“The acquisition represents an opportunity for Bermaz to acquire a strategic controlling stake in BAASB which holds the distributorship of renowned Peugeot marque vehicles in Malaysia and facilitate the consolidation of BAASB’s results into the Bermaz Group, ” it said.
The transaction translated into RM1.09 per BAASB share, which was based on the unaudited net assets value per share of BAASB as at April 30, 2021.