SOCSO emerges as substantial shareholder of Berjaya Food with 5.03% stake

SOCSO emerges as substantial shareholder of Berjaya Food with 5.03% stake
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KUALA LUMPUR (Sept 7): The Social Security Organisation (SOCSO) has emerged as one of Berjaya Food Bhd's (BFood) major shareholders for the first time after an off-market deal, which raised the former's stake in the company to 5.03%.

According to BFood's filings with Bursa Malaysia yesterday, SOCSO acquired a total of 16 million shares on Sept 2 via married and direct deals. It now has 18 million shares in BFood. 

It is assumed that one of the transactions to acquire the shares may have been done with Berjaya Group founder Tan Sri Vincent Tan Chee Yioun as a filing with Bursa showed that the billionaire disposed of a total of 12 million shares in BFood on the same day. 

Tan now maintains a 62% direct and indirect stake in BFood. 

Last month, BFood reported its highest net profit in about seven financial years, and declared a dividend of one sen a share to reward shareholders.

BFood's net profit came in at RM47.36 million for the financial year ended June 30, 2021 (FY21), compared to a net loss of RM19.58 million for FY20, while revenue rose to RM717.27 million from RM632.94 million.

According to its annual report, the company's FY21 net profit was its strongest performance since FY15, when it reported a net profit of RM177.57 million.

At 12.10pm today, BFood had shed 0.49% or one sen to RM2.04, valuing it at RM786.29 million.

Surin Murugiah