Berjaya Corp aborts Ascot buy, rights plan

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