Berjaya Corp trading volume spikes after Vincent Tan announced restructuring plan

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KUALA LUMPUR (Dec 20): Trading volume of Berjaya Corp Bhd shares spiked today to more than 20 million shares from some six million units yesterday after executive chairman Tan Sri Vincent Tan announced the group's restructuring plan.

At 11:47am today, Berjaya Corp saw 21.17 million shares changing hands. The stock was up one sen at 28.5 sen.

The Edge Financial Daily, quoting Tan, reported today that he had yesterday unveiled his big plan to restructure his business empire that may involve the sale of assets, privatising two companies — 7-Eleven Malaysia Holdings Bhd and Berjaya Land Bhd — as well as the listing of hotel business in Singapore.

It was reported that the plan will start with asset sale at his flagship Berjaya Corp. According to Tan, the group is in the midst of sealing a deal to sell its Four Seasons Hotel and Hotel Residences Kyoto for about US$700 million (RM2.93 billion) to US$800 million for a divestment gain of US$400 million.

It was reported that after the sale of the hotel in Kyoto, Berjaya Corp will have an expanded war chest to buy out 7-Eleven Malaysia Holdings.

Read: Vincent Tan to restructure his business empire