Berjaya Corp's Unit Sells Citaglobal Stake To Detik Ria For RM42.56 Mln
KUALA LUMPUR, June 22 (Bernama) -- Berjaya Corporation Bhd's (BCorp) wholly-owned subsidiary, Berjaya Securities Sdn Bhd (BSecurities), has disposed of its entire 8.64 per cent stake in Citaglobal Bhd to Detik Ria Sdn Bhd for RM42.56 million.
Detik Ria is chaired by Johor princess Tunku Tun Aminah Sultan Ibrahim, who is also the non-executive chairman of BCorp and a director of BSecurities, making the disposal a related-party transaction.
In a filing with Bursa Malaysia today, BCorp said BSecurities sold 46.76 million ordinary shares in Citaglobal to Detik Ria through a direct business transaction on June 19 at RM0.91 per share.
"Following the disposal, BSecurities ceased as a shareholder of Citaglobal," it said.
The group said the cash consideration for the disposal was determined by reference to the prevailing market price of Citaglobal’s shares at the time of the transaction.
It said the disposal enabled the group to realise its investment in Citaglobal, with the proceeds to be used as working capital.
“The disposal has no effect on the issued share capital or substantial shareholders’ shareholdings of BCorp.
“The disposal also has no material effect on the net assets, earnings and gearing of the BCorp group for the current financial year ending June 30, 2026,” it said.
BCorp said Tun Aminah, as an interested director, abstained from all board deliberations and voting related to the disposal.
“The board of BCorp (save for Tun Aminah) is of the opinion that the disposal is in the best interest of the group,” it said, adding that its audit committee was of the view that the disposal was fair, reasonable and conducted on normal commercial terms, and was in the best interest of the group.
-- BERNAMA