CEO Morning Brief

BCorp Confirms It Is in Talks With Potential Seller of Licensed Entity

Publish date: Tue, 10 Jan 2023, 11:52 AM
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TheEdge CEO Morning Brief
BCorp confirms it is in talks with potential seller of licensed entity

KUALA LUMPUR (Jan 9): Berjaya Corp Bhd (BCorp) confirmed on Monday (Jan 9) that it is in talks on acquiring a company, after The Edge reported that BCorp could be eyeing a controlling stake in life insurance company MCIS Life Bhd.

The group informed Bursa Malaysia Securities in a filing that it is “in the midst of negotiation with a potential seller of a licensed entity, subject to approval of Bank Negara Malaysia (BNM)”.

This, it added, is in line with its recent announcement that “BCorp is contemplating a major potential acquisition involving a licensed entity which is governed by BNM under the Financial Services Act 2013 (FSA)”.

BCorp, which was referring to an article in the latest issue of The Edge Malaysia weekly entitled “Berjaya Corp eyes controlling stake in MCIS Life”, did not name the potential seller nor the company to be potentially acquired, in its filing.

“BCorp will make the necessary announcement in compliance with BNM and Bursa Securities’ rulings upon the signing of the definitive agreement with the seller of the licensed entity,” it said.

MCIS Life Bhd is a subsidiary of South Africa-based Sanlam Ltd.

Citing sources, The Edge Malaysia, in it’s latest issue on Jan 9, reported that BCorp has been in negotiations with South Africa-based Sanlam Ltd since last year to buy the latter’s entire 51% stake in MCIS Life.

Source: TheEdge - 10 Jan 2023

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