STOCK SAHAM.CO

BLand’s stake in BFood rises to 2.75% after RM32 mil direct business transaction

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KUALA LUMPUR: Berjaya Land Bhd (BLand) has acquired 40 million shares or 2.28% equity interest in Berjaya Food Bhd (BFood) for RM32 million cash, or 80 sen apiece.

In a filing on Tuesday (Oct 18), BLand said its wholly-owned subsidiary Nural Enterprise Sdn Bhd purchased the shares via a direct business transaction with BLand’s internal funds.

“Following the acquisition, [the group’s] equity interest in BFood increased from 0.47% to 2.75%, comprising a total of about 48.25 million BFood shares,” BLand added.

BLand noted that the share acquisition is deemed a related party transaction in view of Berjaya Corp Bhd and its founder Tan Sri Vincent Tan Chee Yioun being major shareholders of BLand and BFood.

According to BCorp’s 2021 annual report, the diversified group owns a 77.9% stake in BLand and a 53.06% stake in BFood. According to bourse filings, Tan owns direct stakes of 1.36% and 0.175% in BLand and BFood, respectively.

Additionally, Tan’s daughter Chryesis Tan Sheik Ling is BLand’s executive director and shareholder, as well as a director of BFood. Meanwhile, BLand executive director Tan Tee Ming is Tan’s son-in-law, as well as Chryesis’ brother-in-law.

Shares in BLand ended unchanged at 23 sen on Tuesday, giving the company a market capitalisation of RM1.15 billion. BFood shares closed four sen or 4.44% higher at 94 sen, valuing the company at RM1.82 billion.

Source : The Edge Markets

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