Highlight Notable Trade: Vincent Tan's Berjaya Corp ups stake in REDtone to 30.74%

by **Cals** Thu 18 Dec 2014, 22:24

Highlight
Notable Trade: Vincent Tan's Berjaya Corp ups stake in REDtone to 30.74%

KUALA LUMPUR (Dec 18): Berjaya Corp Bhd (BCorp) ([You must be registered and logged in to see this image.] Financial Dashboard), which is controlled by tycoon Tan Sri Vincent Tan, has acquired another 55.58 million shares in REDtone international Bhd, thus upping its stake in the company to 30.74%.

In a filing with Bursa Malaysia today, BCorp said its wholly owned subsidiary Juara Sejati Sdn Bhd acquired the shares, which represents a 10.71% stake in the REDtone, together with 1.57 million warrants, for RM39.62 million from Dec 16 to Dec 18.

The acquisitions, undertaken through the open market, mean BCorp now holds 159.47 million ordinary shares in the small-cap telecommunications services provider or 30.74% stake, with 21.67 million warrants.

“The acquisitions have enabled BCorp to further increase its investments in REDtone and to eventually equity account the results of the REDtone Group,” read the announcement.

Datuk Lye Ek Seang, who is presently the executive director of Berjaya Assets Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) andBerjaya Times Square Sdn Bhd, emerged as a substantial shareholder in REDtone on Nov 21 with a 5.71% stake in the company.

He now holds 5.75% shareholdings in REDtone, and was appointed as a non-independent and non-executive director in the company on Dec 17.

REDtone shares closed 2.5 sen or 3.55% higher at 73 sen today, rising to a market capitalisation of RM378.67million. Meanwhile, BCorp shares closed up 1.5 sen or 3.8% to 41 sen, giving it a market capitalisation of RM1.7 billion.