KUALA LUMPUR: Berjaya Corp
Bhd (BCorp) has entered into a RM536mil deal to acquire Singer Malaysia Sdn Bhd from major shareholder Tan Sri Vincent Tan Chee Yioun.
Under the deal, BCorp will issue 1,175 billion new BCorp shares worth RM388mil at 33 sen a piece to Berjaya Retail Sdn Bhd (BRetail).
BCorp will also absorb the remaining RM148mil in inter-company debts of the Singer group.
Vincent Tan is the controlling shareholder of both BCorp and BRetail.
In a press release today, BCorp said Vincent Tan has provide to BCorp a profit guarantee that Singer will achieve a profit after tax of RM20mil per year for the financial years ending Dec 31 2020 and 2021.
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