Thursday 28 Mar 2024
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KUALA LUMPUR (March 24): Berjaya Corp Bhd's (BCorp) newly minted chief executive officer (CEO), Abdul Jalil Abdul Rasheed, has acquired 70 million BCorp shares at 28 sen a share, giving him a 1.4% stake in the diversified conglomerate.

The acquisition of equity interest by Jalil signifies good corporate governance, BCorp said in a statement.

"As a group CEO and minority shareholder, he would act in the best interests of the company and its various stakeholders, charting the best path to transform the group into a high performing organisation and to create and enhance value for its shareholders," the group said.

In the same statement, Jalil said that being a shareholder and CEO will allow him to execute changes with the right incentives in place.

"I took on this group CEO role to undertake a transformation of BCorp. In my years of experience, projects of this magnitude are best achieved when the leader is well incentivised and aligned with all minority shareholders," he said.

"It is also a vote of confidence in the company, and addresses the seriousness of this institutionalisation phase we are undertaking," he added.

The statement did not identify the seller of the 70 million shares. But in a filing with Bursa Malaysia, BCorp reported that executive chairman Tan Sri Vincent Tan has disposed of 70 million shares via a direct business transaction.

Following the disposal, Tan has a direct interest of 25.71% or 2.59 billion shares in BCorp.

Jalil was appointed the new CEO of BCorp on March 16. He previously served as the president and CEO of Permodalan Nasional Bhd.

Shares of BCorp ended 2.5 sen or 9.43% higher at 29 sen today, valuing the group at RM1.52 billion.

Edited ByS Kanagaraju
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