Berjaya Rallies as New CEO Buys Stake Amid Pledge to Revamp Firm
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Berjaya Corp.’s new group chief executive officer bought a minority stake in the company as he looked to restructure one of Malaysia’s sprawling business groups. The shares rallied to a near three-year high.
Abdul Jalil bin Abdul Rasheed acquired 70 million shares at 28 sen a share, he said in a statement on Wednesday. The stake, worth 19.6 million ringgit ($4.8 million), matches the amount of shares that founder and Executive Chairman Vincent Tan said he sold, according to a separate statement the same day.