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March 31, 2021

This Stock Rises Like ‘The Flash’

 Shares of Berjaya Corp Bhd (BCorp) more than doubled in two weeks to a five -year high of 43 sen today following speculation of a reshuffle plan by its owner, Vincent Tan.

BCorp, which was the most active stock during the break at 12.30pm, rose 3 sen or 6.33% higher at 42 sen, making the company worth RM2.03 billion.

Its trading volume stood at 294.92 million, surpassing its 200 -day average volume of 19.73 million. The stock was up 121% year -on -year from 19 cents on December 31 last year.

It was reported that Tan planned to act behind the scenes and wanted to appoint a professional manager to lead the company.

The plan was made following the appointment of Abdul Jalil Abdul Rashid as the Chief Executive Officer (CEO) of BCorp on March 16 to replace Datuk Seri Robin Tan Yeong Ching.

In addition, Tan also disclosed the company during the merger period to liquidate its assets to increase the value of BCorp. In fact, Tan also informed that his party will not take over any assets for now.

On March 25, BCorp Executive Director Derek Chin Chee Seng bought 50,000 shares of the company through the open market.

On March 24, Abdul Jalil acquired 70 million BCorp shares at a price of 28 sen per share, equivalent to a 1.4% stake in the company.

On the same day, Tan disposed of 70 million of his shares through a direct business transaction. Following the disposal, Tan has a 25.71% or 2.59 billion stake in BCorp.

Apart from BCorp, its warrants are also among the most actively traded stocks. BJCorp-WB jumped 28.57% or three sen to 13.5 sen while BJCorp-WC increased 23.81% or 2.5 sen to 13 sen.