Vincent Tan buys 31.5mil Berjaya Food shares in one swoop
BFood's shares ended that day at 29.5 sen, up from 28.5 sen a day earlier. Based on that range, the deal is estimated to be worth between RM8.98 million and RM9.29 million, although the filing did not disclose whether it was executed on the open market or through a private arrangement.
This raised the tycoon's direct holdings to 95.63 million shares, or 5.40 per cent, from 3.62 per cent previously. His indirect stake remains unchanged at 1.13 billion shares, or 63.58 per cent, held through Berjaya Corp Bhd (BCorp) and a web of related companies.
Together, Tan's direct and indirect interests now amount to 1.22 billion shares, representing about 69 per cent of BFood.
The latest acquisition comes less than a month after Tan reappeared on BFood's substantial shareholder list on July 17, with 64.13 million shares held directly and the same 1.13 billion shares indirectly.
In January 2023, Tan ceased to be a substantial shareholder when his combined holdings slipped below the five per cent threshold, largely due to a restructuring of shareholdings within BCorp and its subsidiaries.
BFood, the food and beverage arm of BCorp, operates the Starbucks and Kenny Rogers Roasters brands in Malaysia, along with other dining concepts.
The stock started the year at 34.5 sen, having touched a high of 45.5 sen and a low of 27.5 sen. Year to date, the counter has shed 5.5 sen, or 15.9 per cent.
For the third quarter ended March 31, BFood's net loss widened to RM37.19 million from RM29.76 million a year earlier, as weaker Kenny Rogers Roasters performance and pre-opening costs for overseas ventures offset savings from store rationalisation.
Revenue fell 18.1 per cent to RM113.58 million on fewer outlets in operation, while management pointed to dampened consumer sentiment, partly linked to the Middle East conflict, as a further drag on sales.
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