Prominent Malaysian tycoon Vincent Tan has reduced his stake in Berjaya Corp empire through a share sale worth RM115 million as he embarks on an active asset restructuring.
The Berjaya founder disposed of 461.65 million shares through seven different transactions at the end of May. This drastic move has reduced his total stake from around 23 percent to just around 15 percent.
As a result of the planned transaction through the nominee account, his direct stake is now down to just 4.1 percent. Meanwhile, his indirect stake is now at around 11 percent, according to calculations based on the company's latest share count.
Chain Effect on Other Companies
This action also had a domino effect when he was no longer a major shareholder in six publicly listed companies. Among the big names involved were Sports Toto Bhd and REDtone Digital Bhd due to the reduction of stakes through the Berjaya entity.
Despite his asset sales spree, the tycoon reportedly still retains major shareholder status in several of Malaysia's favourite brands. He still holds significant stakes in 7-Eleven Malaysia Holdings as well as Berjaya Food, which operates the Starbucks chain.
This string of sales has actually started since March and is likely to continue in the future. He is also said to be considering selling his remaining stake in Prudential Assurance Malaysia after selling part of his shares earlier this year.
For Bursa traders, this move by the corporate icon is often interpreted as a signal of a major strategic shift in its business group. Market sentiment remains cautious as to what the next move could mean for the company's share price and economic direction.
