Top News

Tan sold 461.65 million shares worth around RM115 million (US$29 million) through seven transactions in late May, according to a filing with Bursa Malaysia late Wednesday cited by Bloomberg.

The disposals, carried out via multiple nominee accounts, lowered his direct stake in the conglomerate to 4.1% and his deemed interest to around 11%. Tan previously held a roughly 23% total stake in Berjaya Corp., which he established in 1984.

Separate filings also show that Tan lost his status as a substantial shareholder in six listed companies—Salcon, REDtone Digital, Sports Toto, Berjaya Property, Atlan Holdings and Theta Edge—because his indirect interest in each firm, held through Berjaya Corp., fell below 5%.

The change reflects the reduction in Tan’s personal deemed interest rather than any share disposals by Berjaya Corp., which remains a substantial shareholder in all six companies, according to The Edge Malaysia.

The latest disposal comes after Tan sold a 5.25% stake in Berjaya Corp. for RM79.6 million in March, according to The Malaysian Reserve.

He is also reportedly exploring a sale of his 30% stake in insurer Prudential Assurance Malaysia.

Tan, who built Berjaya Corp. into a diversified conglomerate with interests spanning property, retail, financial services and gaming, was ranked the 29th richest man in Malaysia in April by Forbeswhich estimated his net worth at $940 million.

The tycoon’s business interests also include U Mobile, a major mobile network operator in Malaysia, and 7-Eleven Malaysia.

Despite the recent sales, Tan remains a substantial shareholder in 7-Eleven Malaysia Holdings with a total interest of nearly 21%, Berjaya Food with about 6.3% and Berjaya Assets with over 28.1%.