BCORP DIVESTS NON-CORE BUSINESSES IN LINE WITH TRANSFORMATION PLAN

KUALA LUMPUR, Nov 25  -- Berjaya Corporation Bhd (BCorp) has divested its 30 per cent equity interest in Razer Fintech Holdings Pte Ltd to Razer Midas Pte Ltd for a cash consideration of US$53.57 million (equivalent to about RM223.89 million).

Berjaya Fintech Sdn Bhd (BFintech) owns a 49 per cent stake in Razer Fintech while Razer Midas holds the remaining 51 per cent stake. 

"Following the disposal, BFinTech now holds a 19 per cent stake in Razer Fintech," BCorp said in a statement today.

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The group has also divested its 70 per cent stake in Berjaya China Motor Sdn Bhd for about RM13.28 million in cash and disposed of its printing business, Graphic Press Group Sdn Bhd, for approximately RM26.1 million.

BCorp chief executive officer Jalil Rasheed said the divestments of the group’s interests in Razer Fintech and Berjaya China Motor as well as the closure of Graphic Press are part of its transformation strategy to streamline operations, divest non-core assets, and focus on higher growth opportunities across its core businesses in order to enhance shareholder value. 

"In the case of Razer Fintech, it was especially appealing as we had a significant return on our investment in a relatively short time," he said.

In June this year, BCorp unveiled a three-year strategic plan to move the group forward into an institutionalised high-performing consumer group focusing on core business segments. 

The process is aimed at optimising resources, improving synergies and efficiency within the group, and enhancing corporate governance and transparency, it said.

-- BERNAMA