by PRIYA VASU / pic by TMR FILE
BERJAYA Corporation Bhd shares rose some 10% at the market opening today, with trading volume surged six times ahead of Group CEO’s Abdul Jalil Rasheed announcement on BCorp’s strategic plan announcement later at 5pm today.
The shares increased to MYR0.33 from MYR0.30.
Since the appointment of the non-family member as CEO of the group, BCorp has been actively involved in various business transformation plans.
This includes its last week announcement to divest its entire 51% stake in Berjaya Auto Alliance Sdn Bhd (BAASB) comprising 6.12 million ordinary shares to Bermaz Auto Bhd (BAuto) and other shareholders of BAASB for a cash consideration of RM6.67 million.
BAASB is involved in the distribution of vehicles under the Peugeot marque in Malaysia.
Commenting on the divestment, BCorp GCEO Jalil Rasheed said the decision is in line with the process of transforming into a diversified consumer group with a focused business vertical.
Jalil Rasheed currently holds a 3.58% stake in the group.
On 8 June BCorp’s non-executive chairman Tan Sri Vincent Tan sold one million shares in the open market on 8 June, which he held through his child fell to 1.21 shares.
He still holds a 25.28% interest in BCorp that represents direct control to 1.28 bil shares.