By Sharen Kaur
sharen@nstp.com.my
Published in NST on February 27, 2012
Kuala Lumpur: Berjaya Group founder Tan Sri Vincent Tan will relist 7-Eleven Malaysia Bhd and its MOL Internet business next year to raise more than RM600 million combined.
Tan said he may relist MOL Global Bhd in Malaysia or Singapore, or go for a dual listing as its business is internationally focused.
MOL, which is said to have about one per cent stake in Facebook Inc, the world’s largest social networking service company, operates in Malaysia, Singapore, Indonesia, the Philippines, Thailand, India.
It is also making inroads into Turkey, Brazil and Vietnam.
“MOL is fairly profitable and has good growth currently. As for 7-Eleven, the company will be listed on its own, unlike previously,” Tan said at an event on Saturday.
7-Eleven, the pioneer and largest 24-hour convenience store operator in Malaysia, is a unit of Berjaya Retail Bhd, which was listed on Bursa Malaysia in 2010.
Berjaya Retail was delisted from the local bourse in May 2011 after an unconditional takeover offer by Premier Merchandise Sdn Bhd, a company related to Tan.
The relistings of 7- Eleven and MOL are part of the billionaire’s pledge to donate half of his wealth to charity during his life time, and also to reduce group borrowings, Tan said.
Forbes Magazine estimates Tan’s net worth at around US$1.2 billion (RM3.6 billion). Tan’s wealth could increase this year, thanks to the initial public offering of Facebook.
On Saturday, Tan pledged to transfer RM600 million worth of shares in two of his companies to the Better Malaysia Foundation, which he set up for charitable causes.
This would be done this year via RM400 million worth of shares in U-Mobile Telecommunication Bhd, which is expected to be listed on Bursa Malaysia in the third quarter of 2012, and RM200 million in the form of irredeemable convertible unsecured loans of Berjaya Corp Bhd (BCorp).
Tan said he plans to donate 10 per cent of 7-Eleven and MOL to the foundation, after the companies are relisted. 7-Eleven and MOL will each have a market capitalisation of over RM1 billion after relisting, Tan said.
On the appointment of a new chairman for BCorp, its chief executive officer (CEO) Datuk Robin Tan Yeong Ching said the board is looking for a candidate outside of the group.
"The new chairman will have big shoes to fill. We are looking for someone who can add value to the group. We are in no hurry to fill the post," he said.
The senior Tan relinquished his position as chairman of BCorp after having earlier handed over the reins of CEO to Robin Tan, his eldest son, in January last year.
The self-made billionaire, who founded BCorp nearly three decades ago, has appointed his son as the interim chairman while the board seeks a suitable candidate for the post.
sharen@nstp.com.my
Published in NST on February 27, 2012
Kuala Lumpur: Berjaya Group founder Tan Sri Vincent Tan will relist 7-Eleven Malaysia Bhd and its MOL Internet business next year to raise more than RM600 million combined.
Tan said he may relist MOL Global Bhd in Malaysia or Singapore, or go for a dual listing as its business is internationally focused.
MOL, which is said to have about one per cent stake in Facebook Inc, the world’s largest social networking service company, operates in Malaysia, Singapore, Indonesia, the Philippines, Thailand, India.
It is also making inroads into Turkey, Brazil and Vietnam.
“MOL is fairly profitable and has good growth currently. As for 7-Eleven, the company will be listed on its own, unlike previously,” Tan said at an event on Saturday.
7-Eleven, the pioneer and largest 24-hour convenience store operator in Malaysia, is a unit of Berjaya Retail Bhd, which was listed on Bursa Malaysia in 2010.
Berjaya Retail was delisted from the local bourse in May 2011 after an unconditional takeover offer by Premier Merchandise Sdn Bhd, a company related to Tan.
The relistings of 7- Eleven and MOL are part of the billionaire’s pledge to donate half of his wealth to charity during his life time, and also to reduce group borrowings, Tan said.
Forbes Magazine estimates Tan’s net worth at around US$1.2 billion (RM3.6 billion). Tan’s wealth could increase this year, thanks to the initial public offering of Facebook.
On Saturday, Tan pledged to transfer RM600 million worth of shares in two of his companies to the Better Malaysia Foundation, which he set up for charitable causes.
This would be done this year via RM400 million worth of shares in U-Mobile Telecommunication Bhd, which is expected to be listed on Bursa Malaysia in the third quarter of 2012, and RM200 million in the form of irredeemable convertible unsecured loans of Berjaya Corp Bhd (BCorp).
Tan said he plans to donate 10 per cent of 7-Eleven and MOL to the foundation, after the companies are relisted. 7-Eleven and MOL will each have a market capitalisation of over RM1 billion after relisting, Tan said.
On the appointment of a new chairman for BCorp, its chief executive officer (CEO) Datuk Robin Tan Yeong Ching said the board is looking for a candidate outside of the group.
"The new chairman will have big shoes to fill. We are looking for someone who can add value to the group. We are in no hurry to fill the post," he said.
The senior Tan relinquished his position as chairman of BCorp after having earlier handed over the reins of CEO to Robin Tan, his eldest son, in January last year.
The self-made billionaire, who founded BCorp nearly three decades ago, has appointed his son as the interim chairman while the board seeks a suitable candidate for the post.
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