BCorp calls off Singer acquisition

13 Aug 2020 / 23:14 H.

PETALING JAYA: Berjaya Corp Bhd has mutually terminated the memorandum of understanding it entered into with Berjaya Retail Sdn Bhd on June 2 to acquire 100% of Singer (Malaysia) Sdn Bhd for RM536 million.

In a Bursa filing, the group said it was due to business challenges and uncertainty in the recovery of the economy after the Covid-19 outbreak.

“The termination will not have any material effect on the issued share capital, substantial shareholders’ shareholdings, earnings, net assets and gearing of the group,” it said.

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