KUALA LUMPUR (May 29): Berjaya Corporation Bhd (KL:BJCORP) and its listed subsidiary Berjaya Property Bhd (KL:BPROP) have disposed of stakes in five listed companies, including Berjaya Food Bhd (KL:BJFOOD),  REDtone Digital Bhd (KL:REDTONE) and 7-Eleven Malaysia Holdings Bhd (KL:SEM), to related party Detik Ria Sdn Bhd for a combined RM76.79 million cash.

Berjaya Corp said the disposals, undertaken via direct business transactions on Thursday (May 28), involved shares in Berjaya Property, Berjaya Food, REDtone, 7-Eleven Malaysia and Salcon Bhd (KL:SALCON) for RM32.94 million.

The combined transactions reduced Berjaya Corp’s stakes in Berjaya Property to 74.22% from 74.32%, Berjaya Food to 63.3% from 65.29%, REDtone to 34.06% from 36.65%, 7-Eleven Malaysia to 12.09% from 14.37%, and Salcon to 11.78% from 15.25%.

"The cash proceeds from the disposals will be utilised to repay borrowings and as working capital of Berjaya Corp which includes inter-alia payment of administrative, marketing and operating cost," Berjaya Corp said in a filing with Bursa Malaysia on Friday.

Separately, Berjaya Property announced that its wholly-owned subsidiary Nural Enterprise Sdn Bhd disposed of 21.93 million shares, or a 1.98% stake, in 7-Eleven Malaysia to Detik Ria for RM43.85 million.

Berjaya Property said proceeds from its disposal would be used as working capital “primarily to fund the on-going development projects” of the group.

The disposals were carried out at prevailing market prices at the time of the transactions, according to the filings.

Detik Ria is linked to several key figures within the Berjaya group.

Berjaya Corp and Tan Sri Vincent Tan are major shareholders of both Berjaya Property and 7-Eleven Malaysia, and are also deemed major shareholders of Detik Ria.

In addition, Johor princess Tunku Tun Aminah Sultan Ibrahim Ismail is the non-executive chairman of Berjaya Corp, Berjaya Property and REDtone, as well as chairman and deemed a major shareholder of Detik Ria.

Berjaya Property non-executive deputy chairman Datuk Seri Robin Tan and executive director Chryseis Tan, who are Tan's children, are also directors or shareholders linked to Detik Ria, according to the group's filings.

Shares of Berjaya Corp slipped 0.5 sen or 2% to close at 24.5 sen on Friday for a market capitalisation of RM1.49 billion. Berjaya Property closed up 0.5 sen or 1.92% to 26.5 sen for a market capitalisation of RM1.33 billion.