Berjaya Land Bhd (BLand) has disposed off 1.37 per cent equity interest representing 18,301,000 ordinary shares of 10 sen
each in Berjaya Sports Toto (BToto) for about RM79.61 million cash or RM4.35 per share.

BLand said the shares, purchased since 1992, have a total carrying value of about RM87.66 million in the books of BLand Group.

The net proceeds from the disposals would be utilised as working capital and repayment of bank borrowings of the group, it said in a filing to Bursa Malaysia.

With the disposals, the company and its unlisted subsidiaries now hold a total of 533,607,148 BToto shares, representing 40 per cent equity interest in BToto.

Berjaya Corporation Bhd (BCorporation) and its unlisted subsidiaries (BCorporation Group) also hold a total 132,439,300 BToto shares, representing 9.93 per cent equity interest in BToto.

With the disposals, the entire BCorporation Group (including BLand Group) has a total of 666,046,448 BToto shares, representing 49.93 per cent equity interest in BToto.

BToto is deemed a subsidiary of BLand, which in turn is a listed subsidiary of BCorporation. BCorporation remains the ultimate holding company of BToto.

The disposals resulted in a net loss of about RM8.05 million at the BLand Group level.

BCorporation is a major shareholder of BLand and BToto. Tan Sri Vincent Tan, who is BCorporation chairman, is also a major shareholder of BCorporation and is deemed a major shareholder of BLand and BToto.

In addition, Tan, personally and through his private companies (other than through BCorporation) collectively holds 6.07 per cent and 1.13 per cent equity interests in BLand and BToto, respectively, as at today. -- Bernama