kuala lumpur: Juara Sejati Sdn Bhd (JSS), a 100% subsidiary of Berjaya Corporation Bhd (BCorp), disposed of 32 million shares representing approximately 4.14% equity interest in REDtone Digital Bhd for RM29.76 million or 93 sen per share .
In a filing with Bursa Malaysia, BCorp said that following the disposal made through direct commercial transactions, BCorp and its subsidiaries now hold a total of 283.28 million shares (approximately 36.65% stake) in REDtone. He stated that he owns the
“The cash proceeds from the disposal will be used to repay borrowings and provide working capital for the BCorp group,” the company said, adding that the disposal will enable the group to realize a portion of its investment in REDtone.
The company noted that as of October 31, 2024, the book value of the REDtone shares sold by Bcorp Group is 69 sen per share accrued since December 2014.
BCorp added that the disposal has no impact on its issued share capital, substantial shareholder shareholdings, net assets, revenues or plans for the current financial year ending June 30, 2025.
The company also said that the disposal is expected to increase BCorp Group’s equity (consolidated reserves) in its statement of financial position by approximately RM7.68 million.
