Pg 147 - Berjaya Corporation Berhad

corporateprofileBerjaya Land Berhad (“B-Land”) was incorporatedin 1990 to implement the Restructuring Schemeundertaken by Sports Toto Malaysia Bhd(“Sports Toto”) whereby the entire paid-upcapital of Sports Toto was acquired by B-Land.Simultaneously, B-Land made major acquisitionsof various property and leisure activities whichwas funded via a Rights and Special Issue.Sports Toto was incorporated in 1969 by the Malaysian Governmentfor the purpose of running Toto betting under Section 5 of the PoolBetting Act, 1967. It was privatized in 1985 when its Chief ExecutiveOfficer, Tan Sri Dato’ Seri Vincent Tan Chee Yioun, through hisprivate company acquired 70% of the paid-up capital. Sports Totowas listed on Bursa Malaysia Securities Berhad (formerly known asKuala Lumpur Stock Exchange) in July 1987.Subsequently in November 1987, RekaPacific Berhad (formerlyknown as Berjaya Industrial Berhad) (“RekaPacific”) completeda general offer to Sports Toto which resulted in Sports Totobecoming a subsidiary of RekaPacific.On 11 October 1996, Berjaya Group Berhad (“BGroup”) completedthe purchase of Teras Mewah Sdn Bhd (“TMSB”), a wholly-ownedsubsidiary company of RekaPacific. TMSB had on 28 August1996 completed the purchase of the entire shareholding in B-Landfrom RekaPacific comprising approximately 247.5 million ordinaryshares, 49.8 million warrants and RM82.8 million IrredeemableConvertible Unsecured Loan Stocks for a total consideration ofapproximately RM931.1 million. As a result, B-Land became adirect subsidiary of BGroup.In the financial year ended 30 April 2003, the Group’s interest insubsidiary, Berjaya Sports Toto Berhad was diluted making it anassociated company of the Group.Today, with a total employee strength of over 5,000, the Group’score activities are as follows:-• Vacation Timeshare, Hotels, Resorts and RecreationDevelopment;• Property Investment and Development;• Gaming and Lottery Management; and• Education.The Group’s financial growth over the past 21 years is highlighted below:-30-4-2006 31-12-1985 21 Years’ AnnualisedMillion Million IncreaseRM US$ RM US$ (%)Revenue 561.5 154.9 76.0 21.0 30Pre-tax Profit 149.3 41.2 5.0 1.4 137Shareholders’ Funds 1,829.3 504.6 1.0 0.3 8,706Total Assets 5,135.5 1,416.7 12.7 3.5 1,921Total No. of Employees 5,017 431Exchange rate: US$1.00 = RM3.625