Vincent Tan raises direct stake in Berjaya Corp after buying shares from Berjaya Assets

KUALA LUMPUR (June 16): Tan Sri Vincent Tan (pictured) has increased his direct shareholding in Berjaya Corp Bhd (KL:BJCORP), just a few weeks after ceasing to be a substantial shareholder in the group.

The businessman acquired 59.97 million shares or a 1.02% stake in Berjaya Corp from Berjaya Assets Bhd (KL:BJASSET) for RM14.05 million, according to a filing with Bursa Malaysia on Monday.

The shares were previously held by Berjaya Bright Sdn Bhd and Berjaya Times Square Sdn Bhd, both wholly-owned subsidiaries of Berjaya Assets.

The transaction comes shortly after Tan acquired another 60 million Berjaya Corp shares, equivalent to a 1.01% stake, via a direct business transaction on June 8, for RM14.1 million or 23.5 sen per share.

The latest purchases follow a series of disposals by Tan less than a month ago. In late May, the businessman disposed of a combined 461.65 million Berjaya Corp shares across seven separate transactions involving both direct and deemed interests for about RM115 million.

Tan's direct interest in Berjaya Corp has now increased to 6.13%, while his indirect stake stands at 10.96%.

Separately, Berjaya Assets also disclosed on Monday that Tan acquired 23.8 million shares or a 0.48% stake in Berjaya Property for RM5.95 million. The shares were previously held by Berjaya Bright.

Taken together, the two transactions are valued at about RM20 million.

Berjaya Assets said the disposals were undertaken to enable the company "to realise part of its investment in Berjaya Corp and Berjaya Property". The proceeds will be used primarily as working capital and to fund the company's ongoing property development activities.

Shares of Berjaya Corp rose half a sen or 2.04% to close at 25 sen on Monday, giving the group a market capitalisation of RM1.49 billion. Berjaya Assets, meanwhile, fell one sen or 3.45% to 28 sen, valuing the company at RM716.3 million, while Berjaya Property was unchanged at 25 sen, with a market capitalisation of RM1.25 billion.

..........

Read about emerging trends, data-backed insights, growing subsectors, and expert commentaries in EdgeProp print. Subscribe now for your free copy!