KUALA LUMPUR (April 5): Berjaya Assets Bhd’s (BAssets) wholly-owned subsidiary Berjaya Times Square Sdn Bhd has purchased 62.82 million shares in Berjaya Corporation Bhd (BCorp) for RM16.76 million or 27 sen a share.

According to a bourse filing today, the shares acquired from the open market from March 26 to April 3 represent 1.22% of BCorp’s shareholdings.

Consequently, BAssets now controls 335.7 million shares, translating into a 6.50% equity interest in BCorp.

“The Acquisitions were funded from internal funds of the BAssets Group. There is no liability to be assumed by the BAssets Group arising from the Acquisitions. The Acquisitions enabled the BAssets Group to increase its stake in BCorp,” the group said.

BAssets executive director Chryseis Tan Sheik Ling, who is a daughter of BCorp founder and executive chairman Tan Sri Vincent Tan Chee Yioun; and Chan Kien Sing, who is a common director to both BCorp and BAssets, abstained from deliberations and voting over the share acquisitions.

BAssets board of directors deemed the purchases in the best interest of the group, while its audit and risk management committee has labelled the acquisition fair and reasonable.

“In addition, the Audit and Risk Management Committee of BAssets is also of the view that the Acquisitions are not detrimental to the interest of the minority shareholders of BAssets,” the group said.

Shares of BAssets closed unchanged to 31 sen, with 40,000 shares  traded, giving it a market capitalisation of RM793.03 million.

Meanwhile, shares of BCorp closed 1.82% or half a sen lower to 27 sen, with 4.82 million shares changing hands, giving the group a market capitalisation of RM1.41 billion.