Tuesday, June 8, 2010

BCorp extends decline over uncertainty of sports licence

KUALA LUMPUR: Berjaya Corp and its loan stocks extended their declines in late afternoon on Tuesday, June 8 following uncertainty over the sports betting licence for Ascot Sports Sdn Bhd.

At 3.05pm, BCorp fell nine sen to RM1.37 with 10.6 million shares done while BCorp-LC lost 7.5 sen to 88.5 sen.

The FBM KLCI rose 3.49 points to 1,289.76. Turnover was 247 million shares valued at RM377.46 million. There were 253 gainers, 243 losers and 221 stocks unchanged.

The finance ministry has yet to issue a sports betting licence to Ascot Sports and is in the midst of discussing'' the licence's terms and conditions, Prime Minister and Finance Minister Datuk Seri Najib Razak told the Dewan Rakyat on Monday.

Najib (Pekan-BN) said this in a written reply to questions on sports betting from four members of parliament (MPs).

The government, he said, was still obtaining feedback from various quarters on the proposal to license sports betting in Malaysia 'with the view of reducing and subsequently eradicating unlicensed betting in Malaysia'.

It was earlier reported that Ascot Sports had obtained the licence to run a sports betting operation in Malaysia, prompting strong criticism from the opposition and certain quarters concerned about the social implications of legalised sports gambling.

Ascot Sports is the private vehicle of BCorp chairman and CEO Tan Sri Vincent Tan, who owns a 70% stake in the private company. His eldest son, Datuk Robin Tan Yeong Ching, holds the remainder 30% stake in Ascot Sports.

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