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.
<div style="text-align: left;">
Malaysia is set to become one of the most active and interesting markets for new listings this year
</div>
<div style="text-align: left;"> Malaysia is set to become one of the most active and interesting markets for new listings this year </div>

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 has been hired to make an independent valuation of STM, which will be published in a circular to Berjaya Sports’ shareholders at a later date.

The spin-off and listing is expected...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222