KUALA LUMPUR: Berjaya Corp Bhd (BCorp) has proposed to dispose of its entire 71.73% stake in Berjaya Higher Education Sdn Bhd which owns Berjaya University College (BUC).
BCorp, in a statement said, its wholly-owned subsidiary Berjaya Group Bhd (BGroup) had signed a share sale and purchase agreement with Nanyang International Education Group Sdn Bhd (Nanyang) for the proposed disposal.
Nanyang was incorporated by its majority shareholder, Krirk International Education Holding Co Ltd (Krirk) to invest in the education business in Malaysia.
BCorp group chief executive officer Jalil Rasheed said: “This is putting rubber to the road in terms of our promised plans. As outlined in our transformation strategy, BCorp will divest some of its non-core areas so that we can focus on our core businesses.”
“While it is bittersweet, we are glad that BUC will be in the good hands of Krirk. We believe that they will continue to create opportunities and produce able, skilled and professional graduates who will contribute to Malaysia,” he said.
The BUC transaction is currently pending approval from the Ministry of Higher Education and is expected to be completed by June 2022.
In June 2021, BCorp had announced a transformative strategy to focus on five core areas as it works towards becoming a global consumer group.
Part of this strategy included divestments from areas of business that no longer fell within this classification.
“We are quietly enthused because after some delays caused by the
pandemic, we are seeing the results of our efforts in terms of divestments. Going forward, we expect to track according to plan,” Jalil said.