Berjaya Media identifies Singer as white knight, to appeal against delisting

PETALING JAYA: Berjaya Media Bhd (BMedia) revealed that Singer (Malaysia) Sdn Bhd, a private company owned by its major shareholder Tan Sri Vincent Tan Chee Yioun, is its white knight.

This comes after Bursa Malaysia rejected BMedia’s request for a further extension of time to submit its regularisation plan.

The Practice Note (PN17) company said it had failed to enter into a definitive agreement with Singer by Oct 20 as Singer is in the midst of resolving a technical issue with the Companies Commission of Malaysia (SSM) on its audited financial statements and hence required additional time to finalise the plan and sign the definitive agreements.

Singer was to be injected into BMedia pursuant to its regularisation plan.

Singer is involved in the business of selling and marketing of consumer durable products and motorcycles on instalment option schemes via its nationwide distribution network of about 485 shops with 3,000 sales associates.

The group recorded an average annual pro-forma profit after tax of RM37.6 million for the past three financial years ended Dec 31, 2018 and net assets/shareholder’s fund of RM525.7 million as at Dec 31, 2018.

BMedia expects to resolve the technical issue with SSM as well as completion of the required justification or due diligence review and valuations of the Singer business by the various professionals namely the principal adviser, independent adviser and independent valuer no later than March 31, 2020 to enable the group to enter into the definitive agreement.

“In view that BMedia failed to obtain the extension of time from Bursa, BMedia will submit an appeal to Bursa to seek the extension of time to enable the company to finalise the plan. The major shareholder and BMedia intend to continue its listing following the completion of BMedia’s plan,” it said.

Last Friday, BMedia said trading in its shares will be suspended from Nov 5 followed by delisting on Nov 7, unless it files an appeal against the delisting on or before Nov 4.

source https://www.thesundaily.my/business/berjaya-media-identifies-singer-as-white-knight-to-appeal-against-delisting-GC1545910