Berjaya Sports cancels Sports Toto Malaysia share listing plan

KUALA LUMPUR Mon Dec 2, 2013 9:32am EST

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KUALA LUMPUR Dec 2 (Reuters) - Malaysia's lottery operator Berjaya Sports Toto Bhd, said on Monday it was cancelling plans to list its wholly owned unit Sports Toto Malaysia Sdn Bhd as a business trust on the Singapore stock exchange.

The cancellation of the initial public offer, which was expected to be worth up to $390 million, comes after the company said the response to plans for the listing had fallen short of expectations, even after it had obtained all the approvals required.

The company said that current challenging market conditions and a poor performance for listed yield stocks such as real estate investment trusts and other business trusts in Singapore had led its board to decide not to proceed with the IPO, according to a local stock exchange filing. (Reporting By Yantoultra Ngui; Editing by Greg Mahlich)