BCorp redesignates Nerine Tan to CEO

KUALA LUMPUR (Feb 6): Berjaya Corp Bhd (KL:BJCORP) has announced the redesignation of its joint chief executive officer (CEO) Nerine Tan Sheik Ping, to CEO, effective immediately.

In a bourse filing, the group also announced its joint-CEO Vivienne Cheng Chi Fan has retired.

Sheik Ping is the daughter of billionaire Tan Sri Vincent Tan Chee Yioun, the founder of Berjaya Corp.

Vincent Tan-linked vehicle emerges as substantial shareholder of BCorp

In a separate filing, Berjaya Corp saw Berjaya True Ascend Sdn Bhd emerging as a substantial shareholder, after acquiring 364 million shares or 6.241% stake in the conglomerate.

Berjaya True Ascend is the private vehicle of Chee Yioun and the stake was acquired via a direct business transaction last Friday (Jan 30).

The transaction price was not disclosed in the filing.

Based on back-of-the-envelope calculations, the shares in the Berjaya Corp were purchased at about 27 sen apiece, which would require Chee Yioun to fork out RM98.28 million.

Following the stake acquisition, Chee Yioun has upped his stake in Berjaya Corp to 27.106%—up from 20.864% previously—with a direct stake of 8.469% and an indirect stake of 18.637%. 

At Thursday, Berjaya Corp closed down 1.85% or half a sen to 26.5 sen, valuing the group at RM1.58 billion.

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