(Source: Inside Retail Philippines | 2 December 2016)
Berjaya Philippines has acquired 7 million ordinary shares of Berjaya Assets (BAssets), which owns Berjaya Times Square in Kuala Lumpur, the largest shopping centre and commercial development in Malaysia.
Berjaya Philippines realised a 0.62 per cent stake in BAssets after closing the deal, buying the shares at PP10.82 apiece, for a total of more than PP76 million (US$1.5 million). The company says the transaction is an investment move.
Berjaya Times Square comprises a 12-level shopping mall, two 46-storey towers of service suites and hotel, two levels of hotel floors, three levels of office floors, five levels of basement and 10 floors of annexed car parks.
The shopping centre is one of the worst-performing retail properties in Malaysia. While its lower floors have attracted brand name tenants, upper floors, are largely empty, in part due to them being sold on strata title when the building was developed in 2003.
Berjaya Philippines has interests in gaming, mobile phone prepaid cards, hotels, automobiles, restaurants and foundations. The company is 74.2 per cent owned by Berjaya Lottery Management (HK) of Hong Kong and 14 per cent by Berjaya Sports Toto (Cayman). Berjaya Philippines’ ultimate parent is Berjaya Sports Toto of Malaysia.