Berjaya Corp falls as much as 10.23% after Vincent Tan redesignated as non-executive chairman

KUALA LUMPUR (April 6): Berjaya Corp Bhd (BCorp) fell as much as 4.5 sen or 10.23% to 39.5 sen today after Tan Sri Vincent Tan Chee Yioun was redesignated as its non-executive chairman yesterday.

At 10.46am today, the counter had pared some losses at 41.5 sen, still down by 2.5 sen or 5.68%. BCorp, the second-most actively traded counter this morning, saw 113.92 million shares change hands.

Its share price had been rising since March 16 after it appointed Abdul Jalil Abdul Rasheed as its group chief executive officer (CEO).

Despite the drop this morning, the counter was still up by 130.56% from 18 sen on March 16.

The group announced yesterday that Tan will be resigning as the executive chairman but remain on the board of directors as the non-executive chairman.

“This is in line with his vision to transform the BCorp group into an institutionalised corporation managed by professionals,” it said.

Jalil, who made history as the first group CEO from outside the Tan family, is mandated to transform the group into a high-performing organisation.

Meanwhile, Tan’s son Datuk Seri Robin Tan Yeong Ching, who is currently the group’s executive deputy chairman, also plans to relinquish his executive role once the group has been transformed.

Source: TheEdgeMarkets