Berjaya Corp said it scrapped a plan to acquire a 70 per cent stake in Ascot Sports Sdn BHd for RM525 million after the government decided not to re-issue a sports betting licence to Ascot.
Berjaya also abandoned a right offer plan, it said in a statement in Kuala Lumpur today.
This comes after Malaysia’s government decided not to reissue Ascot with a sports betting license, the Malaysian property, gaming and insurance group said.
Berjaya had planned to buy 70 per cent of Ascot from its own billionaire chairman Vincent Tan. -- Bloomberg
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