KUALA LUMPUR (Feb 11): Berjaya Sports Toto Bhd (BToto) has inked an agreement to set up a joint-venture company to explore business opportunities, as well as to undertake projects in Sri Lanka.
Its unit, FEAB Equities Sdn Bhd, entered into the shareholders agreement with PP Cylabs (M) Sdn Bhd (PPC) today on a 50:50 joint venture basis to set up the JV company.
In a filing with the bourse, BToto said PPC was incorporated on Sept 20, 2018 in Malaysia, with an issued and fully paid-up capital of RM100. Its principal activity is investment holding.
At present, Dr Poh Soon Sim, who is currently on the board of Iris Corp Bhd where his son Datuk Poh Yang Hong is managing director, is the sole director and sole shareholder of PPC, with network contacts within the business community and local knowledge in relation to businesses in Sri Lanka.
BToto said the JV will not have any material effect on the earnings, net assets and gearing of the group for the current financial year ending April 30, 2019 (FY19).
BToto’s share price closed up two sen or 0.87% to RM2.33 today, for a market capitalisation of RM3.14 billion.