PETALING JAYA: Berjaya Corp Bhd (BCorp) has divested its 30% equity interest in Razer Fintech Holdings Pte Ltd to Razer Midas Pte Ltd for US$53.568 million cash (RM223.89 million).
Berjaya Fintech Sdn Bhd (BFintech) owned a 49% stake in Razer Fintech with the remaining 51% held by Razer Midas. Following the disposal, BFinTech now holds a 19% stake in the company.
The group has also divested its 70% stake in Berjaya China Motor Sdn Bhd for RM13.279 million cash and disposed of its printing business Graphic Press Group Sdn Bhd for RM26.1 million.
Commenting on the divestments, BCorp CEO Jalil Rasheed said the divestments of BCorp’s interests in Razer Fintech and Berjaya China Motor, as well as the closure of Graphic Press, is part of the group’s transformation strategy to streamline its operations, divest non-core assets, and focus on higher growth opportunities across its core businesses in order to enhance shareholder value.
“And in the case of Razer, it was especially appealing as we had a significant return on our investment in a relatively short time,” he said in a statement today.
In June this year, BCorp unveiled a three-year strategic plan to move the group forward into an institutionalised high performing consumer group with focused core business segments. The process is aimed at optimising resources, improving synergies and efficiency within the group, and enhancing corporate governance and transparency.