Berjaya Retail to list June/July

KUALA LUMPUR: Berjaya Retail Bhd (BRetail) will be listed either in June or July, says Berjaya Group chairman and chief executive officer Tan Sri Vincent Tan Chee Yioun.

The listing of BRetail will raise RM50 million from exercise and it will be used for expansion, he said on Thursday, March 18.

Tan said the listing, which was initially targeted for the first quarter, was delayed to enable the synchronising of the fiscal year end for Singer (M) Sdn Bhd and 7-Eleven Malaysia Sdn Bhd.

Under the listing exercise of BRetail, Berjaya Corp Bhd (BCorp) would sell Singer to BRetail for RM360 million and 7-Eleven will be transacted for RM600 million.

BRetail would pay for the assets by issuing new shares, irredeemable convertible preference shares (ICPS) and assume debts owed by BCorp or its related companies to Singer and 7-Eleven.

BCorp would distribute dividend-in-specie of one BRetail share for every 10 BCorp shares. The number of BRetail shares to be distributed as dividend-in-specie would range from 337.6 million to 471.9 million shares depending on BCorp's share capital.