Berjaya Sports to spin off unit for Singapore listing

The Malaysian lottery operator says it intends to transfer its Sports Toto Malaysia unit, which has an indicative value of up to $2 billion, to a Singapore-listed business trust.

Berjaya Sports to spin off unit for Singapore listing
Malaysia is set to become one of the most active and interesting markets for new listings this year

Malaysian lottery operator Berjaya Sports Toto plans to transfer its wholly-owned Sports Toto Malaysia STM unit to a business trust with the intention of listing it in Singapore, according to a stock exchange filing made late on Monday. STM mainly operates so-called Toto pool betting, or lucky-numbers games.

The business trust will have an indicative valuation of between M$5.9 billion and M$6.5 billion $1.84 billion to $2 billion based on discounted cashflow, it said. Deloitte...

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