Btoto announces transfer of sports toto to business trust, listing on SGX

Btoto announces transfer of sports toto to business trust, listing on SGX
Business & Markets 2013
Written by Cynthia Blemin of theedgemalaysia.com
Thursday, 19 September 2013 18:43

KUALA LUMPUR (Sept 19): BERJAYA SPORTS TOTO BHD [] (Btoto) announced today the transfer of its entire equity interest in its wholly owned subsidiary, Sports Toto Malaysia Sdn Bhd (STM), to a business trust to be constituted and registered in Singapore.

According to a filing on Bursa today, BToto said the business trust will be known as Sports Toto Malaysia Trust (STM-Trust).

It also proposed to list STM-Trust on the mainboard of the Singapore Exchange Securities Trading Ltd (SGX).

“As a consequence of the proposed revisions, STM-Trust will be seeking a listing of up to 4.83 billion STM-Trust Units on the main board of SGX-ST,” it said.

BToto is also proposing to undertake a proposed dividend-in-specie of up to 2.81 billion STM-Trust units to the shareholders of BToto, in conjunction with the proposed secondary listing of all the issued STM-Trust Units by STM-Trust on the main market of Bursa Securities.

With the proposed revisions, the BToto Group’s interest in STM via its unit-holding in STM-Trust would be diluted from 100% to 87.58%, it said.

However, it noted that in the event of full exercise of the over-allotment option, BToto Group’s interest in STM via its unit holding in STM-Trust would be further diluted to 86.54%, instead of 79.54% as originally intended upon completion of the proposed listing.

In the revised utilization of proceeds, the proposed offer for sale will raise gross proceeds of up to SG$70 million (RM173.88 million) based on an assumed offering price of SG$0.50 per STM-Trust Unit.