KUALA LUMPUR (Dec 6): An investment vehicle linked to Berjaya Group founder Tan Sri Vincent Tan has divested 4.85% equity interest in Berjaya Food Bhd (KL:BJFOOD) just a week after emerging as a substantial shareholder in the local Starbucks operator with an 8.09% stake purchase.

Detik Ria Sdn Bhd sold the 4.85% stake, comprising 86 million shares, via a direct business transaction on Thursday, according to a bourse filing on Friday. This reduced its stake in Berjaya Food to 3.24%.

Bloomberg data revealed that the 86 million shares were sold at 37.5 sen each, for a total sum of RM32.25 million. The price represents a 2.6% discount to the stock's closing price of 38.5 sen on Thursday.

Berjaya Food’s main shareholder is Berjaya Corp Bhd (KL:BJCORP), with a direct stake of 5.7% and an indirect stake of 57.53% via Berjaya Group Bhd.

Berjaya Food’s share price hit a low of 34.5 sen on Nov 18 and has declined by over 38% year to date, amid a boycott of food brands such as Starbucks due to their perceived links to Israel.

On Friday, Berjaya Food shares slipped one sen or 2.6% to close at 37.5 sen, giving the company a market capitalisation of RM682.2 million.

The company has been in the red over the past four quarters.

For the first quarter ended Sept 30, 2024, Berjaya Food recorded a net loss of RM33.68 million, compared to a net profit of RM19.03 million in the same period a year earlier. Revenue for the quarter fell 55.41% to RM124.2 million from RM278.53 million.

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