NEW APPOINTMENT LIFTS BCORP STOCK
Its share price jumps 28pc following the announcement Jalil will take over as CEO
BERJAYA Corp Bhd (BCorp) shares were actively traded yesterday, jumping as much as 28 per cent following the appointment of Jalil Abdul Rasheed as its chief executive officer (CEO).
Jalil, the former Permodalan Nasional Bhd (PNB) president and group CEO, is the first nonfamily member CEO of BCorp.
BCorp surged 27.78 per cent, or five sen, to 23 sen in early trade. It closed the day 16.67 per cent, or three sen, higher at 21 sen, valuing the stock at RM1.1 billion. It was among Bursa Malaysia’s top 10 most active counters with 186.4 million shares traded.
The closing price of 23 sen was BCorp’s highest since Aug 11 last year’s 22 sen.
BCorp has several listed subsidiaries in its fold, namely Berjaya Sports Toto Bhd, Berjaya Land Bhd, Berjaya Food Bhd, Berjaya Assets Bhd and 7-Eleven Malaysia Holdings Bhd.
It also owns several non-listed businesses such as telecommunications firm U Mobile Sdn Bhd.
BCorp posted a net loss of RM49.71 million in the second quarter ended Dec 31, 2020 compared with a net loss of RM58.95 million in the preceding quarter. Quarterly revenue was flat at RM1.94 billion.
BCorp on Monday announced that Jalil would take over the CEO post from Datuk Seri Robin Tan, who has been appointed executive deputy chairman.
“The new group CEO will be working together with BCorp executive chairman
Tan Sri Vincent Tan and Robin Tan as an executive committee who, together with the contributions of the board members, will be involved in all strategic decision-making and planning the future business direction of the BCorp group.
“The new appointments were made to transform the company into an institutionalised corporation, managed by professionals,” it said.
Jalil has 18 years of investment and business leadership experience, having worked in the United Kingdom,
the United States, Malaysia and Singapore with global investment firms Aberdeen Standard Investments and Invesco Ltd.
Jalil said he is delighted to be joining BCorp after several months of discussion with Vincent.
“We both agree that the group is very undervalued, and has many good assets that can be optimised and realised to enhance value for shareholders.
“It’s a privilege and honour to have been given such a huge responsibility as the first non-family member to run the group, a statement of intent of the changes we will see within the group in the near future,” he added.