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Berjaya Securities, a wholly-owned unit of Berjaya Corp sold its entire 8.64% stake in Citaglobal for RM42.56 million (US$10.28 million), The Star reported, citing a stock exchange filing on Monday.

The transaction price of 91 sen per share was based on Citaglobal’s prevailing market level at the time of the deal, the filing showed. Berjaya ceased to be a shareholder of Citaglobal after the sale.

Detik Ria is a major shareholder of Berjaya Corp. It is chaired by Tunku Tun Aminah, who is also Berjaya Corp’s non-executive chairman and a director of Berjaya Securities, according to The Edge Malaysia.

Berjaya said Tunku Tun Aminah did not participate in any board discussions or voting to the transaction, and that the disposal is not expected to have a material impact on its net assets, earnings or gearing for the financial year ending June 30, 2026.

Proceeds from the sale will be used as working capital, including for administrative, marketing and operating expenses, it added.

Berjaya was founded by Tan, who built it into a diversified conglomerate with interests spanning property, retail, financial services and gaming. Forbes ranked him as Malaysia’s 29th-richest individual in April, with an estimated net worth of $940 million.

He has carried out several transactions involving the group’s shares in recent months.

Vincent Tan pictured during a press conference, May 21, 2015. Photo by Belga via AFP

Tan’s other business interests include Malaysia’s second 5G network operator U Mobile and convenience store chain 7-Eleven Malaysia. He is also a deemed major shareholder of Detik Ria.

Tunku Tun Aminah earlier this year succeeded Tan as chairman of U Mobile, while he remained on the board as an adviser.

She is the only daughter of Sultan Ibrahim. The Malaysian king has extensive business interests and is a business partner of Tan, according to Bloombergwhich estimated the assets of Sultan Ibrahim and his family to be worth at least $5.7 billion in early 2024.