KUALA LUMPUR (Sept 29): Prominent tycoon Tan Sri Vincent Tan Chee Yioun has sold 80 million shares or a 6.7% stake in Berjaya Assets Bhd (BAssets) off-market, on Wednesday (Sept 27).

According to filings with Bursa Malaysia today, Tan disposed of a block of 17 million shares and two blocks of 19 million shares each in three direct deals.

Meanwhile, his flagship company Berjaya Corp Bhd also offloaded a block of 20.23 million shares and a block of 4.77 million shares in two married deals.

All five transactions were done at RM1 per share, representing a 14.5% or 17 sen discount to BAssets’ closing price of RM1.17 on that day.

Following the shares divestment, Tan still holds a controlling 56.22% stake in BAssets — of which 33.04% was direct interest and 23.19% was deemed interest via Berjaya Corp Bhd — as at Sept 27.

Ultimately controlled by Tan, BAssets is the developer of Berjaya Times Square in Kuala Lumpur, one of the country’s largest retail and commercial projects. The group also owns Natural Avenue Sdn Bhd, which operates number forecast lotteries in Sarawak.

BAssets has also obtained a licence agreement with Greyhound Café Co Ltd for exclusive rights to establish and operate cafes under the Greyhound Café trademark in Malaysia.

Citing sources, The Edge Financial Daily had on Thursday (Sept 28) reported that the Sultan of Johor, Sultan Ibrahim Sultan Iskandar, is expected to surface as a substantial shareholder of BAssets.

The Johor Sultan is said to have bought 80 million shares or a 6.7% stake in BAssets at RM1 apiece via off-market on Sept 27.

Sources also said Sultan Ibrahim is likely to continue to mop up more BAssets shares to at least a double-digit percentage stake.

At press time, however, he has yet to emerge as a substantial shareholder of BAssets.

Interestingly, the Johor ruler has already invested in several companies in which Tan also has a stake in.

They are convenience store chain operator 7-Eleven Malaysia Holdings Bhd and telecom solutions provider REDtone International Bhd, as well as U Mobile Sdn Bhd, the country’s youngest telecommunications operator.