Tan May Raise $1 Billion in Sale of Berjaya Unit, Reuters Says

Malaysian tycoon Vincent Tan may sell a 49 percent holding in a gaming unit of Berjaya Sports Toto Bhd. (BST) for about $1 billion including debt, Reuters reported, citing people familiar with the deal.

Carlyle Group and Providence Equity Partners were among those approached for the stake sale, Reuters said. Berjaya Sports Toto operates lotteries in Malaysia.

Billionaire Tan, Malaysia’s ninth-richest man according to Forbes, wasn’t immediately available at his office for comment. Judy Tan, a corporate communications officer for controlling shareholder Berjaya Corp Bhd., didn’t answer more than 10 calls to her office and mobile phones or reply to an e-mailed query.

Dorothy Lee, Carlyle’s Hong Kong-based spokeswoman in Asia, declined to comment in a phone interview. Officials at Providence Equity Partners’ Hong Kong office weren’t immediately available for comment.

Citigroup Inc. (C) has been hired as an adviser for the transaction, according to the report. Richard Tesvich, a Hong Kong-based spokesman for Citigroup, declined to comment in a phone interview.

Berjaya Sports Toto fell 0.7 percent to 4.27 Malaysian ringgit in Kuala Lumpur trading today, extending its slide this year to 5.1 percent. Berjaya Corp. declined 0.9 percent to 1.08 Malaysian ringgit.

Tan, 59, is worth $1.25 billion, according to Forbes. He’s the biggest shareholder in Berjaya Corp., according to data compiled by Bloomberg.

To contact the editor responsible for this story: Frank Longid at flongid@bloomberg.net

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