BToto inks JV to explore businesses in Sri Lanka

This article first appeared in The Edge Financial Daily, on February 12, 2019.
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KUALA LUMPUR: Berjaya Sports Toto Bhd (BToto) has inked an agreement to set up a joint-venture (JV) company to explore business opportunities as well as undertake projects in Sri Lanka.

Its unit, FEAB Equities Sdn Bhd, entered into the shareholders agreement with PP Cylabs (M) Sdn Bhd (PPC) yesterday on a 50:50 joint-venture basis for the JV company, the group said in a filing with Bursa Malaysia.

BToto said PPC was incorporated on Sept 20, 2018 in Malaysia with an issued and fully paid-up capital of RM100. Its principal activity is investment holding.

Dr Poh Soon Sim — currently on the board of Iris Corp Bhd, where his son Datuk Poh Yang Hong is managing director — is the sole director and shareholder of PPC with network contacts within the business community and local knowledge concerning businesses in Sri Lanka.

BToto said the JV will not have any material effect on the group’s earnings, net assets and gearing for the current financial year ending April 30, 2019. BToto’s share price closed up two sen or 0.87% to RM2.33 yesterday, with a market capitalisation of RM3.14 billion.