PETALING JAYA: Berjaya Assets Bhd
(BAssets) has disposed of its shares in Berjaya Corp Bhd (BCorp) and Berjaya Property Bhd to major shareholder Tan Sri Vincent Tan Chee Yioun for a total cash consideration of about RM20mil.
In a Bursa Malaysia filing yesterday, the company said its wholly-owned subsidiaries, Berjaya Bright Sdn Bhd and Berjaya Times Square Sdn Bhd, sold the shares through direct business transactions.
The disposal involved 59.79 million BCorp shares, representing a 1.01% stake, for RM14.05mil or 23.5 sen per share.
It also sold 23.8 million Berjaya Property shares, equivalent to a 0.49% stake, for RM5.95mil or 25 sen per share.
Following the transactions, BAssets’ stake in BCorp fell to 1.39% from 2.39%, while its holding in Berjaya Property declined to 0.27% from 0.75%.
The company said the sale prices were determined based on prevailing market prices at the time of disposal. The shares were sold free of encumbrances.
BAssets said the disposals would enable the group to realise part of its investments in the two companies. Proceeds from the exercise will be used as working capital to fund its ongoing development projects.
The company added that the disposals are not expected to have any material impact on its net assets, earnings or gearing for the financial year ending June 30, 2026, nor affect its issued share capital or substantial shareholders’ shareholdings.
