KUALA LUMPUR (April 23): Berjaya Corp Bhd (BCorp) Chief Executive Officer (CEO) and shareholder Jalil Abdul Rasheed has been appointed as the Deputy Chairman of its listed subsidiary Redtone Digital Bhd.

In a bourse filing, Redtone announced that Jalil has been appointed to its board as its non-independent and non-executive deputy chairman effective today.

According to Redtone’s annual report for the financial year ended June 30, 2020 (FY20), BCorp owns a 52.38% stake in the company while Sultan of Johor Sultan Ibrahim Ibni Almarhum Sultan Iskandar owns a 17.34% stake.

Redtone is a telecommunications service provider which is listed on Bursa Malaysia’s ACE Market.

Jalil was appointed as BCorp’s CEO on March 16 and has been mandated to transform the group into a high performing organisation.

This would entail the streamlining of various group businesses to create and enhance shareholder value, optimising financial and human resources, improving synergies and efficiency as well as enhancing corporate governance and transparency, according to the statement.

BCorp founder and now non-executive chairman Tan Sri Vincent Tan was reported to have said that the diversified group will be undergoing a period of change to ensure it is future-proofed against external shocks. He also said BCorp is going through a period of consolidation "to sweat our assets better".

Shares in Redtone finished 3.19% or 1.5 sen lower at 45.5 sen, valuing it at RM356.02 million. It saw 1.93 million shares done.

Meanwhile, BCorp shares finished lower at 36 sen, after falling by 4% or 1.5 sen. It is now valued at RM1.9 billion. It saw 45.38 million shares done.