BCorp to list Kenny Rogers Roasters restaurants
Filed Under (Business News) by Webmaster on 02-04-2010
Tagged Under : Berjaya Corp Bhd, Kenny Rogers
Berjaya Corp Bhd (BCorp) has proposed to list its Kenny Rogers Roasters chain of restaurants nationwide on Bursa Malaysia main market, the company told the exchange yesterday.
The proposed listing is expected to be completed in the second half of this year.
Under the plan, BCorp’s wholly owned unit Berjaya Group Bhd (BGroup) will sell its entire equity stake in Berjaya Roasters (M) Sdn Bhd to Berjaya Food Bhd (BFood) for RM72mil in exchange for 141 million shares in BFood.
Upon completion, BGroup will undertake a proposed offer for sale of 35.8 million shares in BFood, which represents about 25.35% stake in the company at an offer price to be determined later.
BCorp said the cash proceeds from the proposed offer for sale would be utilised for its working capital and/or its subsidiaries. BFood was incorporated as listing vehicle late last year, and upon the completion of the exercise, it will be principally engaged in the development and operation of the Kenny Rogers Roasters chain of restaurants in Malaysia.
