KUALA LUMPUR (Aug 8): Berjaya Assets Bhd has announced that its wholly-owned subsidiary Berjaya Bright Sdn Bhd (BBright) has disposed of a total of 24.50 million ordinary shares, representing about 0.44% equity interest in Berjaya Corp Bhd (BCorp) for a total cash consideration of RM5.64 million or RM0.23 per share.

The direct business transaction took place last Friday (Aug 5), Berjaya Assets said in a statement on Monday (Aug 8). The other party in the transaction was not disclosed at this juncture.

Following the disposal, Berjaya Assets and its subsidiaries (Berjaya Assets group) now hold 276.45 million BCorp shares, representing about 4.99% equity interest in BCorp.

The cash proceeds from the disposal will be utilised as working capital and repayment of borrowings of the Berjaya Assets group.

It noted that the disposal has no effect on the Berjaya Assets’ issued share capital or substantial shareholders’ shareholdings.

The disposal also has no material effect on the Berjaya Assets’ net assets, earnings and gearing for the current financial year ending June 30, 2023.

“The disposal is not subject to the approval of the shareholders of BAssets or any regulatory authority,” it added.

Tan Sri Vincent Tan Chee Yioun is a major shareholder of Berjaya Assets and BCorp. He is also a non-executive chairman of BCorp. 

In BCorp, he holds a 20.51% direct stake (1.14 billion shares)  and an indirect stake of 14.23% (788.37 million shares) as of Aug 8, 2022.

While in Berjaya Assets, he holds a direct stake of 32.84% (840.2 million shares) and an indirect stake of 31.77% (812.82 million shares) as of July 14, 2022. 

Shares in BCorp closed unchanged at 24.5 sen apiece on Monday, giving the group a market capitalisation of RM1.44 billion.

Shares in Berjaya Assets also settled the day’s session unchanged at 28 sen, valuing it at RM716 million.