KUALA LUMPUR (March 31): Shares in Berjaya Corp Bhd (BCorp) more than doubled in two weeks to its five-year high of 43 sen today as speculation on its boss Vincent Tan’s revamp plan continues.

At the 12.30pm break, BCorp — the most active stock — settled three sen or 6.33% higher at 42 sen, valuing the group at RM2.03 billion.

Trading volume stood at 294.92 million, exceeding its 200-day average volume of 19.73 million. The stock has soared 121% year-to-date (YTD) from 19 sen on Dec 31 last year.

It was reported that Tan had decided to take a backseat in the running of the company, and is turning towards hiring professional managers to helm the group.

This was followed by the appointment of a non-family member, CEO Abdul Jalil Abdul Rashid. Jalil’s appointment as the new CEO was announced on March 16, as he took over the position from Datuk Seri Robin Tan Yeong Ching.

Furthermore, Tan also revealed that the group is in a period of consolidation to sweat its assets to enhance its value. Besides, Tan said the group will not be acquiring any assets for now.

The founder, CEO and the group’s executive director have acquired the company’s shares recently. On March 25, BCorp’s executive director Derek Chin Chee Seng bought 50,000 shares of the group in the open market.

On March 24, Jalil had acquired 70 million of the group’s shares at 28 sen a share, giving him a 1.4% stake in the diversified conglomerate. On the same day, the boss, Tan had disposed of 70 million shares via a direct business transaction. Following the disposal, Tan had a direct interest of 25.71% or 2.59 billion shares in BCorp.

Other than BCorp, its structured warrants also were among the top active stocks. BJCorp-WB jumped 28.57% or three sen to 13.5 sen; while BJCorp-WC grew 23.81% or 2.5 sen to 13 sen.

BCorp also has several listed subsidiaries in its fold, namely Berjaya Sports Toto Bhd (BToto), Berjaya Land Bhd (BLand), Berjaya Food Bhd (BFood), Berjaya Assets Bhd (BAssets) and 7-Eleven Malaysia Holdings Bhd.

Shares of BToto inched up 1.5 sen or 0.72% to RM2.11, giving it a market capitalisation of RM2.85 billion; BLand climbed 27.27% or 7.5 sen to 35 sen; BFood rose two sen or 1.12% to RM1.80.

Meanwhile, BAssets grew 15% or six sen to 46 sen, valuing it at RM1.18 billion, and 7-Eleven rose four sen or 2.94% to RM1.40.

Read also:
Berjaya group to sweat its assets more, says Vincent Tan
Newly minted CEO Jalil acquires 70 million Berjaya Corp shares
Jalil Rasheed emerges as ‘first non-family member’ CEO of Berjaya Corp

Read More