KUALA LUMPUR (Dec 19): Berjaya Corp Bhd (BCorp) is in talks to sell its Four Seasons Hotel and Hotel Residences Kyoto (Four Seasons Kyoto) in Japan, aiming for a disposal gain of up to US$400 million. 

Its executive chairman Tan Sri Vincent Tan said while the group is hoping to seal a deal in the next 60 days, nothing has been finalised so far. 

"We are talking to a few parties,” Tan told a media conference. “They are all interested to buy Kyoto Four Seasons because it is good brand and it is located at a strategic location. We hope to conclude to sell it in the next 60 days, but nothing has firmed up yet; this plan is subject to further confirmation." 

"We are looking for a gain of US$350 million to US$400 million. We have invested about US$350 million, so you can work out the price, maybe about US$700 million to US$800 million,” he added. 

Tan said if the disposal materialises, part of the gains will be distributed to shareholders. 

As for the remaining gains, he said: “We will see if we can work with Four Seasons for another project, because Four Seasons is a good brand and so far, Kyoto has been very successful. 

We have already worked on another project with them in Okinawa. I think and I have said this before, everything is up for sale, as long as the price is right," he added. 

Additionally, Tan said his team is working on a plan to carve out the group’s hotel business from Berjaya Land Bhd (BLand), and undertake an initial public offering (IPO) in Singapore Exchange (SGX), while delisting BLand. 

"BLand is very much being undervalued, so we might delist it and list the hotel businesses at SGX. I think there will be five or six hotels there.

“We cannot list them here (Malaysia), because of SC's (Securities Commission Malaysia) chain listing requirements. There are a lot of requirements, so it is easier for us to list there," he said. 

"We are thinking of releasing 25% shareholding of these hotel businesses to meet SGX’s spread requirements. Funds raised could be mainly for working capital and new projects," he added. 

On Berjaya Media Bhd (BMedia), Tan said he is identifying one of his profitable privately-owned business to be injected into the public-listed entity.

"This is part of [the] regularisation plan, so BMedia's core business will be changed, and we will probably change the company's name. Because newspaper's business is not doing very well now," he said. BMedia is the publisher of The Sun daily.