KUALA LUMPUR (April 17): Berjaya Corp Bhd boss Tan Sri Vincent Tan (pictured) has continued to trim his stake in Berjaya Land Bhd (BLand).

In a bourse filing yesterday, BLand announced that the tycoon, via Berjaya Sompo Insurance Bhd, sold 3.7 million shares in BLand in the open market on April 14.

The latest block of shares, representing an indirect stake of 0.075%, was sold at 36.33 sen apiece. Just last week, BLand announced he sold 12.8 million shares via Berjaya Sompo (2.08 million via open market) and Berjaya Hills Resort Bhd (10.8 million shares via direct deal).

Tan's indirect stake in BLand now stands at 4.15 billion shares representing 84.27% in BLand. Coupled with his direct stake of 95.53 million shares — equivalent to a 1.94% stake — Tan now controls 3.87 billion shares in BLand, or a cumulative stake of 86.21%. Prior to this, as at March 23, Tan had control over 86.55% in BLand, with an indirect interest of 4.16 billion shares or 84.62%, and the same direct stake of 95.53 million shares or 1.94%.

Tan has also been trimming his indirect stake in BCorp, where he is the non-executive chairman.

Bourse filings on Thursday revealed that the BCorp boss and founder sold 4.7 million BCorp shares via Berjaya Sompo insurance in the open market on April 13 (700,000 shares) and April 14 (four million shares).

Following the transactions, Tan’s indirect interest in BCorp now stands at 1.19 billion shares representing a 23.77% stake. He also controls 1.26 billion shares in BCorp directly, which gives him total shareholdings of 2.45 billion shares or 48.88% in BCorp.

Over the last two months, Tan has pared his direct stake in BCorp to 1.26 billion shares representing 25.12% from 1.3 billion shares representing 25.92% (as at Feb 8). He has also had his indirect interest trimmed to 1.19 billion shares representing 23.77% from 1.26 billion shares representing 27.11%.

On April 5, Tan relinquished his executive role in BCorp following the appointment of a non-family member, Jalil Abdul Rasheed, as BCorp's chief executive officer two weeks earlier. Subsequently, Tan said in an interview with an English daily that the group will be undergoing a period of change slowly to ensure it is future-proofed against external shocks. At the time, he also said the group is going through a period of consolidation "to sweat our assets better".

Shares in BLand finished 3.03% or one sen lower at 32 sen yesterday, valuing it at RM1.6 billion. BCorp shares closed 3.8% or 1.5 sen lower at 38 sen yesterday, giving it a market capitalisation of RM2 billion. Compared to a month ago, BLand shares have climbed 72.97% or 13.5 sen from when it was trading at 18.5 sen, while BCorp shares have risen 111% or 20 sen from 18 sen.

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