Berjaya Corp active, up on news of plans to list unit in S’pore, casino JVs

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KUALA LUMPUR (Oct 31): Shares of Berjaya Corporation Bhd (Berjaya Corp), which was the second most actively traded stock in the morning session of Friday, rose as much as 4.08% on news that the company was  mulling a Singapore listing of its environment services unit.

The stock had climbed to an intra-day high of 52.5 sen before settling at 50.5 at 12.30pm, up by 3.06% or 1.5 sen with 63.75 million shares done.  

Bloomberg had reported on Wednesday that Berjaya Corp was considering selling shares in a Singaporean unit and seeking joint ventures in casinos in North Asia.

Berjaya Corp founder Tan Sri Vincent Tan had been reported as saying that the conglomerate was looking to expand its business outside of its home market here, and listing its environment services division would spur growth in the business, without depending on fund from the parent company.

Berjaya Corp’s environment services division operates sanitary landfills in Malaysia and China and has been granted a 25-year concession to develop and operate a waste-water treatment plant in China’s Guangdong province.

Tan did not give a timeframe for the planned listing.

The report also stated Berjaya Corp was looking for a South Korea gaming project and intends to join a Japanese consortium should it legalise casinos.

This follows Japanese Prime Minister Shinzo Abe’s view that casinos are a way to bolster the economy, and supporters of a bill to permit casinos are of the view that gambling resorts would boost tourism.

Tan said Berjaya Corp has 100 acres of land in the Okinawa prefecture, which can be used to set up a gaming resort should the Japanese government allow it.