KUALA LUMPUR (June 4): Business tycoon Vincent Tan Chee Yioun has reduced his shareholding in Berjaya Corporation Bhd, resulting in him ceasing to be a substantial shareholder in six Bursa Malaysia-listed companies.
According to Bursa Malaysia filings, Tan disposed of a total of 461.65 million Berjaya Corp shares through a series of direct business transactions conducted on May 28. Based on Bloomberg data, the shares sold were valued at approximately RM115 million.
Following the disposals, Tan’s direct stake in Berjaya Corp fell to 4.11%, while his deemed interest was reduced to 10.96%. His total shareholding now stands at approximately 15.08%, equivalent to 896.33 million shares out of Berjaya Corp’s 5.95 billion outstanding shares.
The transactions were executed through various nominee accounts, including Alliancegroup Nominees, MBSB Investment Nominees, TA Nominees, Kenanga Nominees and CGS International Nominees Malaysia. The reduction in deemed interests was undertaken through B&B Enterprise Sdn Bhd and Premier Merchandise Sdn Bhd.
As a result of the reduced stake in Berjaya Corp, Tan’s indirect ownership in several listed companies fell below the 5% threshold required to be classified as a substantial shareholder. He therefore ceased to hold substantial shareholder status in:
Importantly, the change reflects a reduction in Tan’s personal deemed interests rather than any disposal of shares by Berjaya Corp itself. Berjaya Corp remains a substantial shareholder in these companies.
Tan continues to hold substantial interests in several other Berjaya-related entities. His holdings include a combined direct and indirect stake of approximately 20.93% in 7-Eleven Malaysia Holdings Bhd, about 6.27% in Berjaya Food Bhd, and roughly 28.20% in Berjaya Assets Bhd.
Berjaya Corp shares closed unchanged at 24.5 sen on Wednesday, giving the group a market capitalisation of approximately RM1.49 billion. The stock has declined about 14% year-to-date.
This development illustrates how ownership structures in large conglomerates can significantly affect an individual shareholder’s status across multiple listed companies. Although Vincent Tan only reduced his stake in Berjaya Corp, the move triggered a cascade effect because many of his interests in other companies were held indirectly through the conglomerate.
The case also highlights the distinction between direct ownership and deemed ownership. Even though Tan lost his substantial shareholder status in six companies, the underlying shareholdings of Berjaya Corp in those businesses remain unchanged. Operationally and strategically, those companies continue to be linked to the Berjaya Group.
For investors, the transaction appears to be more of a restructuring of Tan’s personal holdings rather than a signal that Berjaya Corp is exiting investments in its subsidiaries and associated companies. The key takeaway is that changes in shareholding disclosures do not always indicate changes in business operations or corporate control, and understanding the ownership chain is essential when interpreting such announcements.
Malaysia