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Vincent Tan divests 0.7% stake in  BJCORP 3395 BERJAYA CORPORATION BERHAD to son-in-law for RM10m

KUALA LUMPUR (Jan 6): Berjaya Corp Bhd (BCorp) chairman Tan Sri Vincent Tan Chee Yioun has divested 40 million shares or 0.7% stake in the group to his son-in-law SM Faliq SM Nasimuddin for RM10 million or 25 sen per share.

SM Faliq, who is deputy group executive chairman of Naza Group, is married to Vincent Tan’s daughter Chryseis Tan Sheik Ling.

Stock exchange filings show that Chryseis Tan, who is also BCorp’s non-executive director, acquired the shares in two tranches (34.52 million shares and 5.48 million shares) through her spouse.

Subsequent to the divestment, Vincent Tan is left with a 25.33% stake in BCorp.

The divestment seems to be part of a bid for the billionaire to pare down his shareholding in BCorp, and pave the way for the group’s potential acquisition of a financial institution.

The Berjaya group founder is aiming to reduce his shareholding to 19.6% to comply with the Financial Services Act 2013 (FSA), should the acquisition materialise.

The FSA does not allow any individual to own more than 10% stake in a financial institution.

Shares of BCorp closed half a sen or 1.7% higher at 30.5 sen on Friday (Jan 6), giving the group a market capitalisation of RM1.82 billion.

http://www.theedgemarkets.com/node/650771

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