KUALA LUMPUR – Berjaya Corporation Bhd (BCorp) through its wholly owned subsidiary Berjaya Group Bhd (BGroup) has signed a share sale and purchase agreement with Nanyang International Education Group Sdn Bhd (Nanyang) for the proposed disposal of its entire 71.73% stake in Berjaya Higher Education Sdn Bhd, which owns Berjaya University College (BUC).
Nanyang was incorporated by its majority shareholder, Krirk International Education Holding Co Ltd (Krirk) to invest in the education business in Malaysia.
“This is putting rubber to the road in terms of our promised plans. As outlined in our transformation strategy, BCorp will divest some of its non-core areas so that we can focus on our core businesses.
“While it is bittersweet, we are glad that BUC will be in the good hands of Krirk. We believe that they will continue to create opportunities and produce able, skilled and professional graduates who will contribute to Malaysia,” said BCorp group chief executive officer Jalil Rasheed in a statement.
The BUC transaction is currently pending approval from the Higher Education Ministry and is expected to be completed by June.
In June last year, BCorp announced a transformative strategy to focus on five core areas as it works towards becoming a global consumer group.
Part of this strategy included divestments from areas of business that no longer fall within this classification. – Bernama, January 20, 2022
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