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Berjaya Corp eyeing majority stake in licenced entity governed by Bank Negara

Berjaya Corp eyeing majority stake in licenced entity governed by Bank Negara

KUALA LUMPUR, Dec 27 — Berjaya Corp Bhd (BCorp) is evaluating a major potential acquisition involving a licensed entity governed by Bank Negara Malaysia (BNM), under the Financial Services Act 2013 (FSA).

In a statement to Bursa Malaysia today, BCorp said to facilitate the acquisition of a 51 per cent stake in the licensed entity, its major shareholder and non-executive chairman Tan Sri Vincent Tan has undertaken to pare down his shareholding in BCorp in order to comply with Section 92 of the FSA.

Section 92 provides that no individual shall hold more than 10 per cent of interest in shares of a licensed person.

“In view of this, Tan has been carrying out several share disposals to reduce his stake in BCorp to not more than 19.6 per cent, which will result in his effective interest in shares of the licensed entity to be not more than 10 per cent of the potential acquisition materialises.

“Tan has indicated to the board of BCorp that he intends to pare down his shareholding to not more than 19.6 per cent by the end of January 2023,” it said.

BCorp noted that the board proposed to expand and grow its financial services segment and expects the contribution from this potential acquisition to contribute significantly to the earnings and net assets of the group.

“Announcements will be made as required in compliance with BNM and Bursa Malaysia’s rulings in due course,” it added. — Bernama

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