Berjaya Corp sells Berjaya Property and Sports Toto shares to Vincent Tan for RM18.76m

PETALING JAYA (May 7): Berjaya Corp Bhd has disposed of shares in two of its listed subsidiaries — Berjaya Property Bhd and Sports Toto Bhd — to its founder and major shareholder Tan Sri Vincent Tan Chee Yioun (TSVT) via direct business transactions, raising a combined RM18.76 million for working capital.

In its Bursa announcement, the company said the disposals, carried out on Tuesday, May 5, involved two wholly-owned BCorp subsidiaries. 

Berjaya IPS Credits Sdn Bhd (formerly Inter-Pacific Credits Sdn Bhd) disposed of 50 million Berjaya Property shares, representing approximately 1.02% equity interest, at RM0.27 per share for a total consideration of RM13.50 million. 

Separately, Berjaya IPS Equity Sdn Bhd (formerly Inter-Pacific Capital Sdn Bhd) disposed of 3.958 million Sports Toto shares, representing approximately 0.30% equity interest, at RM1.33 per share for RM5.26 million.

The transactions were priced at prevailing market rates at the time of disposal.

Sold at a discount to book value

Notably, both tranches were disposed of at a significant discount to their carrying values. 

The Berjaya Property shares were carried at approximately RM0.91 per share in BCorp's books since April 2024 — the disposal price of RM0.27 represents a 70% discount to carrying value. 

The Sports Toto shares were carried at approximately RM2.95 per share since September 2025 — the disposal at RM1.33 represents a 55% discount to carrying value.

The disposals have no material effect on BCorp's net assets, earnings or gearing for the current financial year ending June 30, 2026.

Group retains majority control

Following these disposals and a separate past disposal of 19 million Berjaya Property shares to an unrelated party in March 2026 at RM0.26 per share (raising RM4.94 million), BCorp Group now holds approximately 3.70 billion Berjaya Property shares, representing 75.75% equity interest, and approximately 693.65 million Sports Toto shares, representing 52.64% equity interest. Both remain majority-held subsidiaries of BCorp.

As the transactions involve a sale to TSVT — a major shareholder of BCorp, Berjaya Property and Sports Toto — the deals are classified as related party transactions. 

BCorp CEO and executive director Nerine Tan Sheik Ping and executive director Chryseis Tan Sheik Ling, both daughters of TSVT and directors of the relevant entities, abstained from all board deliberations and voting. 

The audit committee has opined that the disposals are fair, reasonable, on normal commercial terms and not detrimental to minority shareholders.

The transactions are not subject to shareholder or regulatory approval, with the highest applicable percentage ratio at 0.66% — well below the threshold requiring shareholder consent under Bursa's Main Market Listing Requirements.

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