KUALA LUMPUR: Berjaya Corp Bhd (BCorp) has proposed to eliminate its entire 71.73% stake in Berjaya Higher Education Sdn Bhd which owns Berjaya University College (BUC).
BCorp, in an announcement stated, its wholly-owned subsidiary Berjaya Group Bhd (BGroup) had signed a share sale and buy settlement with Nanyang International Education Group Sdn Bhd (Nanyang) for the proposed disposal.
Nanyang was integrated by its majority shareholder, Krirk International Education Holding Co Ltd (Krirk) to make investments in the schooling enterprise in Malaysia.
BCorp group chief govt officer Jalil Rasheed stated: “This is putting rubber to the road in terms of our promised plans. As outlined in our transformation strategy, BCorp will divest some of its non-core areas so that we can focus on our core businesses.”
“While it is bittersweet, we are glad that BUC will be in the good hands of Krirk. We believe that they will continue to create opportunities and produce able, skilled and professional graduates who will contribute to Malaysia,” he stated.
The BUC transaction is presently pending approval from the Ministry of Higher Education and is anticipated to be accomplished by June 2022.
In June 2021, BCorp had introduced a transformative technique to concentrate on 5 core areas as it really works in direction of turning into a worldwide shopper group.
Part of this technique included divestments from areas of enterprise that not fell inside this classification.
“We are quietly enthused because after some delays caused by the
pandemic, we are seeing the results of our efforts in terms of divestments. Going forward, we expect to track according to plan,” Jalil stated.