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Berjaya Corporation Bhd (BCorp) founder Tan Sri Vincent Tan has trimmed his stake in the conglomerate, reducing the shares he holds from 23% to 15%
According to the New Straits Times, the 74-year-old business mogul sold RM115 million of BCorp shares, bringing his direct shareholding down to 4.1% and his indirect interest to about 11%.
Tan's direct shares disposals were sold through these nominee accounts:
1. Alliancegroup Nominees (Tempatan) Sdn Bhd
2. MBSB Investment Nominees (Tempatan) Sdn Bhd
3. TA Nominees (Tempatan) Sdn Bhd
4. Kenanga Nominees (Tempatan) Sdn Bhd
5. CGS International Nominees Malaysia (Tempatan) Sdn Bhd
Meanwhile, Tan's indirect interest disposals were executed through these companies:
1. B&B Enterprise Sdn Bhd
2. Premier Merchandise Sdn Bhd
These companies are registered custodians holding stocks and securities on behalf of the clients of their holding companies.
Following the sales, Tan lost his substantial shareholder status in six companies, although Berjaya Corp continues to maintain significant interests in those firms
According to The Edge, he lost his substantial shareholder status in the following companies:
1. Salcon Bhd: a leading water and wastewater engineering company
2. REDtone Digital Bhd: a leading integrated telecommunications and digital infrastructure services provider
3. Berjaya Property Bhd: a prominent Malaysian property developer behind projects such as The Ritz-Carlton Residences Kuala Lumpur and Berjaya Hills
4. Atlan Holdings Bhd: an investment holding and the provision of management, financial, technical, and other ancillary services
5. Sports Toto Bhd: Malaysia's largest number forecast operator
6. Theta Edge Bhd: an information communication and technology (ICT) service provider
Tan remains a substantial shareholder in the following companies, despite a reduction in his stakes:
1. 7-Eleven Malaysia Holdings Bhd: a convenience store retail chain
2. Berjaya Food Bhd: a public limited company with a portfolio of brands such as Starbucks Malaysia, Kenny Rogers Roasters, and Paris Baguette
3. Berjaya Assets Bhd: an investment holding company
A substantial shareholder is any person (individual or corporate entity) that holds an interest in 5% or more of the total voting shares in a company.
Forbes estimates his net worth at USD940 million (RM3.7 billion), making him the 29th richest person in Malaysia.
He began his career as a bank clerk at the age of 17 before moving into the insurance industry as a life insurance agent.
In 1980, he secured the Malaysian franchise rights for McDonald's, marking a major turning point in his business career.
Tan's younger brother, Danny Tan, is also among Malaysia's wealthiest individuals. Like him, Danny came out of retirement to take the reins of his flagship property company, Tropicana Corp.
