The Covid-19 pandemic has turned out to be a great reset for Tan Sri Vincent Tan, the patriarch of Berjaya Group. The group that is anchored on a gamut of economic activities ranging from gaming to fast food, pharmaceutical products, property development, hotels and resorts has taken a beating from the global recession.
Berjaya’s weak fundamentals despite an array of assets were laid bare when shareholders’ value for the group as a whole was shaved by more than 30%. According to data compiled by a private research unit, Tan’s paper wealth dropped to RM1.4 billion from RM2.16 billion in 2019, causing him to slip out of the list of top 40 richest Malaysians.
PETALING JAYA: Berjaya Land Bhd (BLand) posted a narrowed net loss of RM31.64 million and revenue of RM1.47 billion for its second quarter ended Dec 3.
KUALA LUMPUR (Dec 15): Berjaya Land Bhd (BLand) is buying freehold land in Bentong, Pahang from Tan Sri Vincent Tan and his family for RM38.45 million, or RM10 per square foot, in cash.
In a filing with Bursa Malaysia, BLand said its wholly owned subsidiary Berjaya Engineering Construction Sdn Bhd on Dec 14 entered into a sale and purchase agreement with Deru Klasik Sdn Bhd for the land acquisition.
Berjaya boss Tan is the controlling shareholder of Deru Klasik with a 75% stake, according to the filing.
The present directors of Deru Klasik are Chryseis Tan Sheik Ling, Hew Chee Wai and Tan Choon Lui. Chryseis, daughter of Vincent, owns a 5% stake in Deru Klasik. She is also an executive director and a shareholder of BLand.
Tuesday, 15 Dec 2020 10:48 PM MYT
KUALA LUMPUR, Dec 15 Berjaya Land Bhd’s wholly-owned subsidiary, Berjaya Engineering Construction Sdn Bhd (BEC) has entered into a sale and purchase agreement with Deru Klasik Sdn Bhd to acquire a parcel of freehold in Bentong, Pahang for RM38.45 million.
In a filing with Bursa Malaysia today, Berjaya Land said BEC has proposed to undertake a residential development project on the land, measuring about 3.84 million sq ft, consisting of terraced houses to be built over three years.
“Based on the preliminary plan of the proposed development, the estimated gross development cost and gross development value for the proposed development are RM250.81 million and RM380.20 million respectively,” it said.
Berjaya Land proposes to buy 88 26 acres of freehold land in Pahang thesundaily.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thesundaily.my Daily Mail and Mail on Sunday newspapers.