Berjaya Sports to list Malaysian lottery unit in Singapore
KUALA LUMPUR, June 6
KUALA LUMPUR, June 6 (Reuters) - Malaysian gaming firm Berjaya Sports Toto Bhd said it will list its lottery unit Sports Toto Malaysia on the Singapore stock exchange under a business trust and likely raise 1.23 billion ringgit ($384.44 million).
Berjaya Sports Toto, indirectly controlled by Malaysian tycoon Vincent Tan, will transfer its entire stake in the lottery unit into Sports Toto Malaysia Trust for 6 billion ringgit.
Berjaya Sports Toto said late on Tuesday that the details of the listing, scheduled for the fourth quarter of this year, will be finalised at a later stage.
But the firm said the initial public offering will involve the sale of up to 540 million existing shares and another 460 million of new shares in the trust.
The move to shift Berjaya Sports Toto's lottery unit to Singapore stock exchange will expose the company to a large pool of investors for non-shariah compliant stocks.
"Sports Toto Malaysia Trust will be mandated to only invest in gaming type businesses or investments," Berjaya Sports Toto said in a filing to the Malaysian stock exchange.
"It will also adopt a policy of distributing 100 percent of its surplus operating cashflow annually."
Maybank Investment Bank was appointed as the principal advisor for the listing, Berjaya Sports Toto said.
Berjaya Sports Toto dominates the number forecast business in mostly Muslim Malaysia along with Multi-Purpose Holdings .
Berjaya Sports Toto shares were up 2.4 percent in early trade, outperforming the broader market that inched up 0.3 percent. ($1 = 3.1995 Malaysian ringgit) (Reporting By Anuradha Raghu; editing by Niluksi Koswanage)
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