PETALING JAYA: Berjaya Corp Bhd’s wholly-owned subsidiary, Berjaya Securities Sdn Bhd has disposed of its entire 8.64% equity stake in Citaglobal Bhd for RM42.56mil or at 91 sen per share.
In a filing with Bursa Malaysia, Berjaya Corp said Berjaya Securities sold its stake to Detik Ria Sdn Bhd and that following the disposal, the company has ceased to be a shareholder of Citaglobal. Detik Ria is a major shareholder of Berjaya Corp.
Berjaya Corp said the disposal enabled the Berjaya Corp Group to realise its investment in Citaglobal. The group added that the cash proceeds from the disposal will be utilised as working capital of the Berjaya Corp Group, which includes, inter alia, payment of administrative, marketing and operating costs.
The carrying value of the Citaglobal shares in the books of the Berjaya Corp Group is 90 sen per share, incurred since June 2026.
Berjaya Corp said the Board (save for Berjaya Corp non-executive chairman Tunku Tun Aminah Binti Sultan Ibrahim Ismail) is of the opinion that the disposal is in the best interest of the group. Tunku Tun Aminah is also a director of Berjaya Securities and the chairman of Detik Ria. Tunku Tun Aminah is also a deemed major shareholder of Detik Ria.
Berjaya Corp noted that its audit committee is of the opinion that the disposal is fair, reasonable and on normal commercial terms and is in the best interest of the Berjaya Corp Group.
The group said the disposal has no effect on the issued share capital or substantial shareholders’ shareholdings of Berjaya Corp. The disposal also has no material effect on the net assets, earnings and gearing of the Berjaya Corp Group for the current financial year ending June 30, 2026.