Berjaya
Land Berhad ("BLand") was incorporated
in 1990 to implement the Restructuring Scheme undertaken by
Sports Toto Malaysia Bhd ("Sports Toto") whereby
the entire paid-up capital of Sports Toto was acquired by
BLand. Simultaneously, BLand made major acquisitions of various
property and leisure activities which was funded via a Rights
and Special Issue.
Sports
Toto was incorporated in 1969 by the Malaysian Government
for the purpose of running Toto betting under Section 5 of
the Pool Betting Act, 1967. It was privatised in 1985 when
its Chief Executive Officer, Tan Sri Dato' Seri Vincent Tan
Chee Yioun, through his private company acquired 70% of the
paid-up capital. Sports Toto was listed on Bursa Malaysia Securities Berhad (formerly known as Kuala Lumpur
Stock Exchange) in July 1987.
Subsequently in November 1987, RekaPacific Berhad (formerly
known as Berjaya Industrial Berhad) ("RekaPacific")
completed a general offer for Sports Toto which resulted in
Sports Toto becoming a subsidiary of RekaPacific. On
11 October 1996, Berjaya Group Berhad ("BGroup") completed the purchase of Teras Mewah Sdn Bhd ("TMSB"), a wholly -owned subsidiary company of RekaPacific. TMSB
had
on 28 August 1996 completed the purchase of the entire shareholding
in BLand from RekaPacific comprising approximately 247.5 million
ordinary shares, 49.8 million warrants and RM82.8 million
Irredeemable Covertible Unsercured Loan Stocks for a total
consideration of approximately RM931.1 million. As a result,
BLand became a direct subsidiary of BGroup.
In the financial year ended 30 April 2003, the Group's interest in subsidiary, Berjaya Sports Toto Berhad was diluted making it an associated company of the Group.
With a current total employee strength of over 5,000, BLand's core activities are as follows:-
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Vacation
Timeshare, Hotels, Resorts and Recreation Development; |
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Property
Investment and Development; and |
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Gaming
and Lottery Management. |
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