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Abdul Jalil Abdul Rasheed (Photo by Sam Fong / The Edge)
+TO KUALA LUMPUR (March 24): The new CEO of Berjaya Corp Bhd (BCorp), Abdul Jalil Abdul Rasheed, has acquired 70 million shares of BCorp at 28 sen per share, giving him a stake of 1 , 4% in the diversified conglomerate.
The acquisition of a stake by Jalil means good corporate governance, BCorp said in a statement.
“As CEO of the group and minority shareholder, I would act in the best interest of the company and its various stakeholders, charting the best path to transform the group into a high-performance organization and to create and enhance value for its shareholders,” the group said.
In the same statement, Jalil said that being a shareholder and CEO will allow him to execute changes with the right incentives.
“I took on this role as CEO of the group to undertake a transformation of BCorp. In my years of experience, projects of this magnitude are best accomplished when the leader is well incentivized and aligned with all minority shareholders,” he said.
“It is also a vote of confidence in the company, and addresses the seriousness of this institutionalization stage that we are undertaking,” he added.
The statement did not identify the seller of the 70 million shares. But in a filing with Bursa Malaysia, BCorp reported that CEO Tan Sri Vincent Tan has divested 70 million shares through a direct business transaction.
Following the divestiture, Tan has a direct 25.71% stake or 2.59 billion shares in BCorp.
Jalil was named the new CEO of BCorp on March 16. He previously served as President and CEO of Permodalan Nasional Bhd.
BCorp’s shares ended 2.5 sen or 9.43% higher at 29 sen today, valuing the group at RM1.52 billion.
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