PETALING JAYA: Berjaya Philippines Inc, an 88.26%-owned subsidiary of Berjaya Sports Toto Bhd (BToto), plans to raise its holdings in luxury car maker Bentley Motors Ltd’s HR Owen Plc from 72.07% to 98.38%. BToto said in a filing with Bursa Malaysia that its Philippines Stock Exchange-listed company would fork out £14.8mil for the rest of the 26.31% stake it does not own in HR Owen. Under the terms of payment, BToto said it would pay 10% of the price upon execution of the share sale agreement, while the remaining 90% in six months.
The acquisition was made “for investment purposes, and in order to own almost all the shares of the company,” it said. In a filing with the Philippine Stock Exchange, Berjaya said its board of directors approved the acquisition of 6.59 million shares, or a 26.31% stake, in HR Owen last Thursday at £2.25 per share, for a total transaction value of £14.8mil.
According to reports, Berjaya gained control of HR Owen after a successful takeover bid in October 2013 in which it acquired 69.74% of the luxury car dealer’s issued and outstanding capital. Since then it has been gradually increasing its holdings in the car dealer. HR Owen is a company registered in England and Wales, and is known to operate vehicle franchises in specialist car market, including Aston Martin, Audi, Bentley, BMW, Bugatti, Ferrari, Lamborghini, Lotus, Maserati, Mini, Pagani and Rolls-Royce. The latest purchase is expected to be completed within six months or not later than June 8, 2017, according to BJToto’s filings. According to its website, the Berjaya Philippines is 74.2%-owned by Berjaya Lottery Management (HK) Ltd of Hong Kong as of April 30, 2016 and 14% by Berjaya Sports Toto (Cayman). Its ultimate parent is Berjaya Sports Toto Bhd.
