QUOTE(whizzer @ Dec 23 2010, 10:44 AM)
Got this is my edgedaily mail. Any one know whats brewing at BTOTO ?
Possibility of strategic investors for BToto
KUALA LUMPUR: The Berjaya Corp Bhd has hired investment bankers to look into the possibility of undertaking a corporate exercise that could see the entry of strategic private investors into the group's cash cow Berjaya Sports Toto Bhd (BToto), said sources.
1562 BJTOTO BERJAYA SPORTS TOTO BHD
Response to article in The Edge Financial Daily on 23rd December 2010
Response to article in The Edge Financial Daily on 23rd December 2010
With reference to the article Possibility of strategic investors for BToto
which appeared in The Edge Financial Daily on 23rd December 2010, the Board of
Directors of Berjaya Sports Toto Berhad (Company) wishes to state that there
has been preliminary discussions within the Company on a possible corporate
exercise which may result in the entry of a strategic investor. While there has
been initial contact with several potential strategic investors, no
negotiations have been conducted with any strategic investor at this juncture
as internal discussions and planning are still ongoing.
The Company wishes to clarify that the Chairman/Chief Executive Officer of
Berjaya Corporation Berhad (the ultimate holding company of BToto), Tan Sri
Dato Seri Vincent Tan Chee Yioun has not personally purchased any BToto shares
in the period from June 2010 to-date. In fact he had sold a total of
approximately 39.8 million BToto shares from his personal holdings during the
aforesaid period.
B-Corporation and its subsidiary companies had purchased BToto shares in the
open market as stated in the article and consequently, Tan Sri Vincent Tan
being a substantial shareholder of B-Corporation is deemed to have an interest
in these purchases.
The Board also wishes to state that the Company has over the years built a
track record of maintaining an efficient and robust capital structure where
excess cash has been returned to shareholders. This capital management effort
is a continuous ongoing process as the Company seeks to create value and
enhanced returns to shareholders.
Shareholders should take note that the corporate exercise may or may not come
to fruition and hence they should take this into account in making any
investment decisions. A detailed announcement will be made in due course should
parties succeed to come to terms.
This announcement is dated 23rd December 2010.