KUALA LUMPUR (Nov 10): Berjaya Corporation Bhd’s wholly-owned unit Berjaya Group Bhd (BGroup) has placed out 50.55 million shares of Berjaya Auto Bhd (BAuto), representing a 6.19% equity stake in the company, for RM160.18 million or RM3.20 per share.

In its filing with Bursa Malaysia today, Berjaya Corporation said the price of RM3.20 per share represents a discount of 9.60% to the five-day weighted average market price of BAuto shares up to Nov 7, 2014, of about RM3.54 per share.

“Based on the carrying value of the placement shares as at July 31, 2014, of about RM23.216 million, the Berjaya Corporation group realized a surplus of about RM136.960 million from the placements,” said Berjaya Corporation.

It said the Placement Shares were acquired in 2013, pursuant to the share swap of Bermaz Motor Sdn Bhd shares held by BGroup, in conjunction with the listing of BAuto.

Bermaz has been in operation since 2008.

The group said the placements on Nov 7 and 10 had allowed the group to realise part of the capital gain on its investment in BAuto, with the proceeds to be used for working capital purposes.

“Following the completion of the placements, BGroup shareholding in BAuto has reduced from 50.47% to 44.28%,” it said.

Berjaya Corporation closed 0.5 sen lower at 48 sen, for a market capitalization of RM2.0 billion.

Meanwhile, Berjaya Auto fell 23 sen or 6.6% to close at RM3.25, bringing its market capitalization to RM2.6 billion.