KUALA LUMPUR: The board of Berjaya Corporation Bhd (BCorp) announced yesterday that its management is contemplating and evaluating a major potential acquisition involving a licensed entity which is governed by Bank Negara Malaysia (BNM) under the Financial Services Act 2013 (FSA).
Section 92 of the FSA provides that “no individual shall hold more than 10% of interest in shares of a licensed person.”
To facilitate the potential acquisition of a 51% equity stake in the licensed entity by BCorporation, Tan Sri Vincent Tan Chee Yioun, the major shareholder and non-executive chairman of BCorp has undertaken to pare down his shareholding in BCorp in order to comply with Section 92 of the FSA.
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.
Tan has indicated to the board of BCorp that he intends to pare down his shareholding in BCorp to not more than 19.6% by the end of January 2023.
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.
Announcements will be made as required in compliance with BNM and Bursa rulings in due course and upon the signing of the definitive agreement with the seller of the licensed entity.