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Singapore Investment


KUALA LUMPUR (Dec 21): Berjaya Corp Bhd (BCorp) has raised its stake in REDTone Digital Bhd to 366.86 million shares, or 47.76% of the company

In a bourse filing on Wednesday, the group said it had acquired another 24.6 million shares or 3.18% in REDTone at about 45 sen per share, or RM11 million, via direct business transactions from Aug 30 till Dec 21.

"The cash consideration for the REDtone shares pursuant to the acquisitions was arrived at after taking into consideration the prevailing market prices of REDtone shares," said BCorp.

The share purchases were made by BCorp's wholly-owned subsidiaries Juara Sejati Sdn Bhd and Teras Mewah Sdn Bhd.

Teras Mewah purchased 9.6 million shares in REDTone or a 1.24% stake from Berjaya Philippines Inc (BPI), an 88.26%-owned subsidiary of Sports Toto Bhd (SToto), in which BCorp owns a 2.89% direct stake and 46.24% indirect stake as of Dec 19, according to a Bursa filing.

"The acquisitions enabled [BCorp] to increase its stake in REDtone and rationalise its shareholding structure in REDtone," it said.

Chairman and non-executive director of REDtone, Tunku Tun Aminah Sultan Ismail Ibrahim Ismail of Johor, who was also BCorp’s non-executive director, had abstained from all board deliberations and voting in relation to the acquisition, as she is an interested director.

Her father, Sultan Ibrahim of Johor, holds a 17.34% stake in REDTone, according to REDTone's 2022 annual report.

Datuk Seri Robin Tan Yeong Chin, who is the non-executive deputy chairman and substantial shareholder of BCorp, and his sister, Ms Nerine Tan Sheik Ping, executive director and shareholder of BCorp, have voluntarily abstained from  board deliberations and voting in the acquisition of the stake from BPI, in view of Robin being a shareholder of Sports Toto, as well as Nerine being chief executive officer of Sports Toto and a director of BPI.

Berjaya Corp Bhd’s share price closed at 28.5 sen with a market capitalisation at RM1.7 billion.

Meanwhile, REDTone's share price closed at 51 sen. Its market capitalisation is RM365.06 million.”

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