Turnaround plan for BCorp
Berjaya Corp Bhd (BCorp) chief executive officer Jalil Rasheed launched an ambitious three-year plan on Tuesday to revamp the corporate behemoth founded by tycoon Tan Sri Vincent Tan in 1984.
There are plans to halve the group’s debts from RM5bil to RM2.5bil.
Jalil said as much as RM5bil worth of non-core assets would be put on the chopping block in the next five years.
The leaner BCorp will focus on five core areas – retail, food and beverage, property, hospitality and services including gaming, environment, digital services and financial technology.
BCorp owns multiple of franchises including 7-Eleven, Borders bookstore, Starbucks, Cosway, U Mobile, Singer, Sports Toto, Inter-Pacific Securities, Berjaya Hotels and UK-based luxury car distributor HR Owen Plc.
National Recovery Plan
THE government has unveiled the National Recovery Plan to combat the Covid-19 pandemic.It was estimated that the latest lockdown is costing the country about RM1bil in economic losses a day since June 1.
The stricter control has helped to slow down the number of new infections, and the government is hoping that the trend will continue before reaching below 4, 000 new cases a day by the end of the month.
With the vaccination programme being ramped up, the target is to ease some of the restrictions in July with the aim of opening the economy by October.
EY as independent reviewer
Serba Dinamik Holdings Bhd said on Monday it has agreed to appoint Ernst & Young Advisory Services Sdn Bhd (EY) as its independent reviewer to assess the veracity and accuracy of the matters highlighted by KPMG.
The embattled company has also brought in three new independent directors as the company seeks to shore up investor confidence.
Shares in Serba Dinamik had fallen by bout two-thirds since late last month after KPMG highlighted its concerns about certain transactions worth more than RM3bil.
Recent filing with Bursa Malaysia showed that the Retirement Fund Inc, or KWAP, has ceased to be a substantial shareholder in Serba Dinamik, while the Employees Provident Fund has pared down its stake in the company.
PALM oil prices on Bursa Derivatives continued to tumble, with the benchmark third month crude palm oil (CPO) futures contract down to around RM3, 400 a tonne yesterday – near its lowest since February this year.
The contract fell as much as 10% on Monday, jumped 6% on Tuesday, but lost 4% on Wednesday.
Traders are weighing between weaker export data against rising inventory.
However, the widening discount against soybean oil – palm oil’s main rival in the global edible oil market – signalled that the worldwide supply situation is still in favour of the golden crop.
Soybean oil futures have jumped 70% this year after droughts tightened US and Brazilian soybean supplies, while palm oil’s increase has been pared down to 15% over the same period.