Vincent Tan paring stake in BJCORP 3395 BERJAYA CORPORATION BERHAD to pave way for 'potential major acquisition in financial services segment'
KUALA LUMPUR (Dec 27): Berjaya Corp Bhd (BCorp) disclosed that its management is in the midst of evaluating a potential major acquisition involving a licensed entity governed by Bank Negara Malaysia under the Financial Services Act 2013 (FSA).
In line with this potential transaction, BCorp’s major shareholder and non-executive chairman Tan Sri Vincent Tan Chee Yioun has committed to paring down his shareholding to below 19.6% in the group by the end of January 2023, to abide by the law, which provides that no individual shall hold more than 10% stake in a licensed person under the FSA.
BCorp said Tan’s stake reduction is “to facilitate the potential acquisition of a 51% equity stake in the licensed entity”, without disclosing the name of the acquisition target.
“In view of this, [Tan] has been carrying out several share disposals to reduce his stake in BCorp to not more than 19.6%, which will result in his effective interest in shares of the licensed entity to be not more than 10% if the potential acquisition materialises,” the group said in a Bursa Malaysia filing on Tuesday (Dec 27).
“The board of BCorp proposes 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 BCorp group,” it added.
BCorp said Tan owns 12.95% direct interest and 13.29% indirect interest in the group as at Dec 23, after disposing of 400 million shares via direct business transaction on Dec 22.
Kossan Rubber Industries Bhd’s founder and managing director Tan Sri Lim Kuang Sia emerged as a substantial shareholder in BCorp after acquiring 400 million shares or a 7.16% stake, of which 120 million shares or 2.15% are direct interest and 280 million shares or 5.01% were acquired through Kossan Holdings (M) Sdn Bhd.
Lim owns 0.3% direct interest and 48.75% indirect interest in Kossan Rubber.
There is a “grandfathering rule” within the financial services sector which refers to an exemption given to certain individuals who own more than 10% stake in a financial institution prior to the FSA.
The rule has recently been widely discussed following the passing of Public Bank Bhd’s founder Tan Sri Teh Hong Piow, who owned a 23.41% stake in Public Bank through 0.64% direct shareholdings and 22.77% indirect ownerships.
Apart from Public Bank, the other two local banks whose shareholders have yet to reduce their individual shareholdings to meet the FSA threshold are Hong Leong Bank Bhd and AMMB Holdings Bhd.
Hong Leong Bank’s chairman Tan Sri Quek Leng Chan owns over 64% stake via Hong Leong Financial Group Bhd. Australia and New Zealand Banking Group Ltd owns 21.64% shareholdings in AMMB, while Tan Sri Azman Hashim has an 11.81% stake in the banking group.
Shares of BCorp closed one sen or 3.5% higher at 29.5 sen on Tuesday, giving it a market capitalisation of RM1.76 billion.
Kossan closed two sen or 1.8% higher at RM1.15, valuing it at RM2.94 billion.
Public Bank declined 14 sen or 3.15% to RM4.30, with a market capitalisation of RM83.46 billion, while Hong Leong Bank fell 10 sen or 0.5% to RM20.46, valuing the banking group at RM44.35 billion.
AMMB settled 10 sen or 2.4% lower at RM4.14, giving it a market capitalisation of RM13.72 billion.
http://www.theedgemarkets.com/node/649685
Singapore Investment
-
-
-
-
-
-
-
Buying more11 hours ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
I have Achieved Lean FIRE!!4 days ago
-
-
-
-
-
-
-
The Art of Being Patient6 days ago
-
-
-
-
-
-
-
-
-
Portfolio Summary for June 20251 week ago
-
-
-
Portfolio (June 30, 2025)1 week ago
-
Portfolio (June 30, 2025)1 week ago
-
-
-
-
-
Month of June 20251 week ago
-
June 2025 Updates1 week ago
-
-
-
Batisht crazy!1 week ago
-
-
Will SORA crash to 1 per cent?1 week ago
-
-
Hello world!2 weeks ago
-
-
-
Buying an overseas home for retirement2 weeks ago
-
-
8 tips for house moving2 weeks ago
-
-
-
-
-
-
-
-
-
-
-
May 2025 Portfolio5 weeks ago
-
-
-
Thakral - Gem life deal finally coming?1 month ago
-
-
-
Clarity1 month ago
-
The Trump Tariffs1 month ago
-
Selling HRnet and Fiverr1 month ago
-
-
-
-
Ignore the noise and be calm2 months ago
-
-
-
-
FAQ on Quantitative Investing Part 22 months ago
-
-
-
-
Crossing the 300k Mark [in a volatile period]3 months ago
-
-
-
-
-
-
-
-
ETF vs Mutual Fund: Which is Better?5 months ago
-
-
-
-
-
Arigato Everyone! A Decade of Blogging!6 months ago
-
Top 10 Highlights of 20246 months ago
-
-
-
Union Square Residences8 months ago
-
-
-
STI ETF9 months ago
-
-
-
Unibet Casino Bonus Codes 202410 months ago
-
-
-
-
The Stigma against Early Retirement (FIRE)11 months ago
-
Monthly IBKR Update – June 20241 year ago
-
-
-
-
-
-
-
-
-
Feb 2024 Expenditure1 year ago
-
-
-
-
-
-
-
Monthly Summary of November 20231 year ago
-
Migration of website1 year ago
-
-
-
-
-
-
Hello SP Group, I'm Back!2 years ago
-
-
-
A New Light2 years ago
-
-
-
-
-
2022 Thoughts, Hello 2023!2 years ago
-
Series of Defaults for Maple Finance2 years ago
-
Takeaways from “Sea Change”2 years ago
-
Greed is Coming Back2 years ago
-
-
-
-
-
-
-
-
What is Overemployment3 years ago
-
Terra Hill Condo (former Flynn Park)3 years ago
-
Alibaba VS Tencent: The Battle Royale3 years ago
-
-
-
-
-
-
-
-
-
-
-
-
-
Home
AMBANK
BJCORP
BURSA
HLBANK
HLFG
KOSSAN
PBBANK
Vincent Tan paring stake in BJCORP 3395 BERJAYA CORPORATION BERHAD to pave way for 'potential major acquisition in financial services segment'