KUALA LUMPUR (Nov 25): Berjaya Corporation Bhd has divested its 30% stake in Razer Fintech Holdings Pte Ltd (Razer Fintech) to Razer Midas Pte Ltd for a cash consideration of US$53.57 million (equivalent to around RM223.89 million).
In a statement on Thursday (Nov 25), the group said following the disposal, Berjaya Fintech Sdn Bhd, which owned 49% stake in Razer Fintech previously, now holds a 19% stake in the company.
Meanwhile, the group announced that it has also divested its 70% stake in Berjaya China Motor Sdn Bhd (Berjaya China Motor) for a cash consideration of approximately RM13.28 million and disposed of its printing business, Graphic Press Group Sdn Bhd for approximately RM26.1 million.
The total amount from the disposals come up to RM263.27 million.
Berjaya Corp CEO Jalil Rasheed said the group’s divestments interests in Razer Fintech and Berjaya China Motor, as well as the closure of Graphic Press, is part of the group’s transformation strategy to streamline its operations, divest non-core assets, and focus on higher growth opportunities across its core businesses in order to enhance shareholder value.
“And in the case of Razer, it was especially appealing, as we had a significant return on our investment in a relatively short time,” Jalil said.
In June this year, Berjaya Corp unveiled a three-year strategic plan to move the group forward into an institutionalised high performing consumer group with focused core business segments.
The process is aimed at optimising resources, improving synergies and efficiency within the group, and enhancing corporate governance and transparency.
Shares in Berjaya Corp finished unchanged at 26 sen on Thursday, giving it a market share of RM1.41 billion.