Showing posts with label Berjaya Group. Show all posts
Showing posts with label Berjaya Group. Show all posts

Sunday, May 30, 2010

Penang and Selangor Ban Sport Bettings Locally

counter Views
Penang and Selangor state government had issued statement respectively that although the Federal Government (Barisan Nasional) had issued football betting licence to Ascot Sports Sdn Bhd, which  owned by Berjaya Group Vincent Tan, the state government, via local authorities has the power to stop it. Thus, no premises in the state will be allowed to operate such betting centre. 

The Pakatan Rakyat had earlier stated that the Pakatan Rakyat led states will not allowed those bettings as issuing such a licence would not eradicate illegal gambling but would aggravate social problems as the poor would gamble away their hard earned wages. 

A country if is too conservative and are not open their mind will definitely cannot cope and compete with the global world. Football betting is a trend. This will still going on even without the approval as it will still run by those illegals. Why not take the chance to let the government to make profits (tax) and regulate the rules. Rather than letting it getting worse and those illegal bookies making huge profit and their own ways. Even Singapore had such football betting in the 1990s before it finally approve the casino while Malaysia has it own casino in earlier. As WE ALL KNOW footballs betting can be done even at home (as long as u have a computer and internet connection, thats it). Come on. The bettings will still be running by those illegals even no approvals was given. Why not regulate it and collect taxes?


Thursday, May 13, 2010

Berjaya Corp Berhad To Buy Ascot Sports

counter Views

Berjaya Corp Bhd has proposed to purchase 70% stake in Ascot Sports Sdn Bhd, a company owned by Vincent Tan with a cash of RM525mil. As Ascot Sports Sdn Bhd had just been approved for the sports betting licenses by Finance iinistry on January 2010. Vincent Tan is Berjaya Corp chairman, CEO and largest shareholder with direct stake of 45%.
The purchase would be partly funded by the issuance of up to RM614.45mil nominal value of 10-year 8% irredeemable convertible unsecured loan stocks (Iculs) on the basis of one RM1 nominal value of Iculs for every eight of the company's shares held. The sale price is RM9.37 per share based on Ascot Sports' paid-up share capital of RM80mil comprising RM1 shares. Berjaya Corp said Tan had agreed to guarantee that the company would make a cumulative after-tax profit of at least RM375mil for the first three years of operations and had backed this with an offer to deposit RM81.25mil worth of listed securities. For the current financial conditions, Ascot Sports had net liabilities of RM11.2mil and loss of RM4.6mil for year ended Dec 31, 2008.
Vincent Tan plan was 23 years ago as the sports betting licence was first granted by the Government in 1987. He says he is glad that Prime Minister Datuk Seri Najib Tun Razak is economically sound like Tun Dr Mahathir Mohamad and understands economics. This licence will generate revenue to the company which, in turn, will help the Treasury particularly in these trying times. Haha. Is it indirectly indicating the leader between Mahathir and Najib reign are not economic wise and friendly ?
Berjaya Share already surge to 10months high lor...late..