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PUBLISHED: Dec 19, 2015 11:02am

Johor Sultan raises stake in U Mobile

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KUALA LUMPUR, Dec 19, 2015: 

Sultan of Johor, Sultan Ibrahim Sultan Iskandar, has further raised his stake in U Mobile Sdn Bhd – with the further 5% stake to increase his stake to 15%.

The Sultan had acquired his initial 10% stake in U Mobile last year.

With the shareholding change, the major shareholder of U Mobile remains  Straits Mobile Investments Pte. Ltd (49%), followed by U Telemedia Sdn Bhd (21.46%), Sultan Ibrahim(15%), Magnum Bhd (6.33%), Tan Sri Vincent Tan Chee Yioun (6.2%) and Berjaya Infrastructure Sdn Bhd (2.01%).

In a statement, Tan – who is also U Mobile chairman – said: “This truly reflects Sultan Ibrahim’s confidence in the performance and future potential of U Mobile.”

Meanwhile Bernama reported Berjaya Assets (BAssets) Bhd has entered into a share sale agreement with the Johor Sultan of Johor to repurchase 20% equity interest in its subsidiary, Berjaya Times Square (BTS) Sdn Bhd, for RM250 million.

In a filing to Bursa Malaysia, BAssets said the cash consideration was funded entirely through borrowings and BTS is now an entirely owned subsidiary of BAssets.

“Based on the audited BTS Group’s net assets (NA) as at June 30, 2015, of RM2.03 billion, the acquisition resulted in a rise of RM131.41 million to the retained earnings of the BAssets Group, being the excess of 20% stake in the NA of BTS Group over the consideration for the acquisition.”

In 2013, BAssets disposed 20% interest in its unit, BTS, for RM250 million cash to Sultan Ibrahim.

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