Abdul Jalil acquires 70m BCorp shares


BERJAYA Corp Bhd (BCorp) newly appointed group CEO Abdul Jalil Abdul Rasheed (picture) has acquired 70 million BCorp shares, priced at 28 sen per share, amounting to 1.4% of the company’s share capital.

The shares were acquired from controlling shareholder and chairman Tan Sri Vincent Tan in a direct deal and have been described as a good corporate governance move.

As a group CEO and minority shareholder, Abdul Jalil 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.

“I took on the 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.

“As such, being a shareholder and CEO will allow me to execute changes with the right incentive in place. It is also a vote of confidence in the company, and addresses the seriousness of this institutionalisation phase we are undertaking,” Abdul Jalil stated in a statement yesterday.

BCorp shares rose 2.5 sen or 9.43% at 29 sen yesterday, valuing the group at RM1.52 billion. The former president and group CEO of Permodalan Nasional Bhd was appointed to BCorp on March 16 with investors buying into the counter, which saw its share price rise from 18 sen to 29 sen yesterday.

The appointment is seen as a possible move to restructure and raise the valuation of the group suffering from undervaluation. Abdul Jalil, 38, has 18 years of work experience in investment and business leadership, having worked in the UK, US, Malaysia and Singapore with companies like Aberdeen Standard Investments and Invesco Ltd.

Abdul Jalil emerged as the first non-family-related member to helm the Vincent Tan-controlled conglomerate.

He will work with Vincent and executive deputy chairman Datuk Seri Robin Tan as an executive committee who, together with the contributions of the board members, will be involved in all strategic decision making and planning of the future business direction of the BCorp group of companies.

Abdul Jalil’s mandate will be to relook at BCorp’s corporate structure, optimise financial and human resources, improve synergies and efficiency, enhance corporate governance and transparency, streamline the various group businesses to create and enhance shareholder value, and transform BCorp into a high-performing organisation.

“After many decades of running this group, having endured and survived several global financial crises over the years and with the latest Covid-19 pandemic and economic downturn which have not spared the Berjaya Group as well, both Robin and I realised and decided it’s time that we streamline the way the organisation is managed, and relook at our various businesses, our strengths and shortcomings, and how to make sure that going forward we are future-proofed to meet the challenges of any external shocks.

“I am looking forward to working closely with Robin and Abdul Jalil to achieve this objective and to put the group on a stronger footing for the future,” Vincent said in a statement on March 18.

Read our previous report here

Incoming CEO Jalil Rasheed lists down priorities at Berjaya