Analyst Research Report Snapshot

Title:

Flash Note – Berjaya Sports Toto (ADD, maintain) - Philippines subsidiary bought a stake in Atlan

Price:

$23.00

Provider:

Affin Investment Bank

Date:

17 Feb 2013

Pages:

3

Type:

AcrobatPDF

Companies referenced:

BSTB.KL

Available for Immediate Download
Summary:

Bursa Malaysia announcement The Group’s 88.3%-owned subsidiary Berjaya Philippines (listed on the Philippine Stock Exchange) has acquired a 2.01% equity stake in Atlan Berhad for a total cash consideration of c. US$7.5m (or about RM23.2m). BCorp, the ultimate holding company of BToto, is a major shareholder of AHB – holding a 26.3% equity interest in Atlan. Atlan’s main earnings driver is its ownership of duty-free retailing known as ‘The Zon’. Atlan currently has a total of 36 duty-free outlets and 5 duty-free wholesale outlets, and 3 duty-paid retail outlets strategically located throughout Peninsular Malaysia including KL International Airport (KLIA) and the free trade zones bordering Thailand (Bukit Kayu Hitam) and Singapore (Johor Bahru). Atlan also owns The Zon All Suite Residences On The Park, strategically located within walking distance to KLCC.

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