KUALA LUMPUR: Berjaya Corporation Bhd
’s (BCorp) 100 per cent-owned subsidiary Juara Sejati Sdn Bhd (JSS) has disposed of 32 million shares representing about 4.14 per cent equity interest in Redtone Digital Bhd for RM29.76 million or 93 sen per share.
In a filing with Bursa Malaysia, BCorp said that following the disposal which made via a direct business transaction, BCorp and its subsidiaries now hold a total of 283.28 million shares, representing about 36.65 per cent equity interest, in REDtone.
"The cash proceeds from the disposal will be utilised to repay borrowings and/or as working capital for the BCorp Group,” it said, adding that the disposal would enable the group to realise part of its investment in REDtone.
It noted that as of Oct 31, 2024, BCorp Group's carrying amount for the REDtone shares being sold was 69 sen per share, incurred since December 2014.
BCorp added that the disposal will not affect its issued share capital, substantial shareholders’ shareholdings, net assets, earnings, or gearing for the current financial year ending June 30, 2025.
The company also said that the disposal is projected to increase the equity (under the consolidation reserve) in the statement of financial position of the BCorp Group by about RM7.68 million. - Bernama
