KUALA LUMPUR, March 24 — A total of 70 million Berjaya Corporation Berhad (BCorp) shares were purchased by its newly appointed group CEO Abdul Jalil Abdul Rasheed, translating to 1.4 per cent of the total shares within the company.
The acquisition by Abdul Jalil was announced by BCorp today, which revealed the minority stake within the company was purchased by the new chief at 28 sen per share with the company having just over five billion voting shares.
Abdul Jalil, whose stake would be worth RM19.6 million going by BCorp’s 28 sen valuation, said his acquisition signifies a vote of confidence in the company and all part of the group’s intended transformation plan.
“I took on this group CEO role to undertake a transformation of BCorp. In my years of experience, projects of this magnitude are best achieved when the leader is well incentivised and aligned with all minority shareholders.
“As such, being a shareholder and CEO will allow me to execute changes with the right incentive in place. It is also a vote of confidence in the company and addresses the seriousness of this institutionalisation phase we are undertaking,” Abdul Jalil said through a statement issued by the group today.
BCorp in the statement said the acquisition by the group CEO signified good corporate governance and asserted that a leader would act in the best interests of the company being a minority stakeholder.
“As a group CEO and minority shareholder, he would act in the best interests of the company and its various stakeholders, charting the best path to transform the group into a high performing organisation and to create and enhance value for its shareholders,” read the statement.
Abdul Jalil, who was appointed group CEO on March 16, was formerly the group CEO of Permodalan Nasional Berhad (PNB), and brings with him more than 18-years of investment and business leadership experience.
In BCorp, he will function as an executive committee member alongside executive chairman, Tan Sri Vincent Tan, deputy chairman Datuk Seri Robin Tan, and other board members and will be involved in all strategic decision-making and planning of the business.
