Tuesday, December 20, 2011

Berjaya Land sells 2.66m BToto shares at RM4.22 each

KUALA LUMPUR (Dec 20): BERJAYA LAND BHD [] disposed of 2.66 million shares of BERJAYA SPORTS TOTO BHD [] (BToto) in the open market on Dec 16 and 19.

BLand said in a statement to Bursa Malaysia on Tuesday the shares were disposed for RM11.22 million or at an average selling price of RM4.22 per share. The shares represented 0.20% of BToto's issued and paid-up capital of 1.351 billion shares.

'The disposals were at prevailing market prices of BToto Shares at the time of the disposals. The disposed shares which were purchased since 1992, have a total carrying value of about RM12.74 million in the books of BLand group. The net proceeds from the disposals will be utilised as working capital and repayment of bank borrowings of the BLand Group,' it said.

Following the recent disposals, BLand and its unlisted subsidiaries now hold 560.158 million BToto shares representing 41.99% stake.

BERJAYA CORPORATION BHD [] and its unlisted subsidiaries also hold 142.79 million BToto shares or 10.70% stake.

With the disposals, the entire BCorp Group (including BLand group) own 702.948 million BToto shares or 52.69%.

BToto is a subsidiary of B-Land, which in turn is a listed subsidiary of BCorp. BCorp is the ultimate holding company of BToto.

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