Business tycoon Vincent Tan returns to BCorp’s boardroom

By RAHIMI YUNUS / Pic By MUHD AMIN NAHARUL

Berjaya Corp Bhd’s (BCorp) founder and current advisor Tan Sri Vincent Tan Chee Yioun (picture) has returned to the boardroom as the executive chairman (EC) after five years of retirement, while his son Datuk Seri Robin Tan Yeong Ching will continue holding his CEO position.

The tycoon said he will focus on his philanthropic work, while still be on the look-out for new business ventures for the company.

“I have been active in looking for new business opportunities for the group even during my retirement. Though the company has enjoyed steady growth and progress during Robin’s stewardship, I feel it is time I return to the board to actively participate in the deliberation and decision-making at the board level, in order to show my commitment and accountability to our stakeholders,” he said in a statement yesterday.

His son was echoing the same sentiments and said: “We have no doubt that my father will be able to take the BCorp group to even greater heights — having more than four decades of entrepreneurial experience, unwavering dedication and commitment to the group.”

The 43-year-old mogul added that his father is appropriately taking his (Vincent) rightful place as EC of the company as the major shareholder of the group.

Vincent holds over 1.1 billion ordinary shares (direct interest) or 22.78% of the total shares in the company, followed by 13.23% shares in Hotel Resort Enterprise Sdn Bhd as of July 31, 2017.

Robin himself owns over 2.2 million shares or 0.05%.

The supremo of the Berjaya Group started his first business venture in owning a car dealership and a construction equipment company back in 1972 during his early twenties.

At present, the Berjaya conglomerate is one of the largest companies in Malaysia with a gamut of businesses spanning from property development, investment, gaming and lottery management, stockbroking, motor distribution, retailing, trading, hospitality, Internet-related businesses to media, among others.

Among the companies within the group are Berjaya Media Bhd, Berjaya Assets Bhd, 7-Eleven Malaysia Holdings Bhd, Berjaya Retail Bhd, Intan Utilities Bhd, U Mobile Sdn Bhd and MOL Ventures Pte Ltd.

Apart from holding directorships in several other private limited companies, Vincent is also the EC of Berjaya Times Square Sdn Bhd and the chairman of U Mobile and Cosway (M) Sdn Bhd and Sports Toto Malaysia Sdn Bhd’s MD and CEO.

Vincent owns three football clubs around the world, as well as co-owning Los Angeles FC with Hollywood actor Will Ferrell.

Forbes ranked the father of 11 the 50th-richest man in the world with a net worth of US$820 million (RM3.5 billion). He is the 20th-richest man in Malaysia.

BCorp registered a lower pretax profit of RM62.25 million in the first quarter ended July 31, 2017, compared to RM71.61 million last year, due to lower contribution from the property investment and development business.

It also posted a lower revenue of RM2.20 billion in the current quarter compared to RM2.22 billion in the corresponding quarter in the previous year.

The group’s share price closed at 33 sen, a drop by 0.5 sen, or 1.49%, following the announcement yesterday.

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