A father who owns a company, sells it to his daughter's husband

Tan Sri Vincent Tan

This is the news most read by readers of a news portal from the mainstream media for the past two days.

Puan Chryseis Vincent Tan

The said portal, FMT, reported on Friday 3rd May 2024,  Tan Sri Vincent Tan’s Berjaya Corp Bhd (BCorp) has completed the divestment of its 100% stake in its waste management unit Berjaya Enviro Holdings Sdn Bhd to his son-in-law’s family vehicle, Naza Corp Holdings Sdn Bhd, for RM700 million in cash.

Encik SM Faliq SM Nasimuddin

The sale of Berjaya Enviro is deemed a related party transaction as the Berjaya Corp founder’s eldest daughter, Puan Chryseis, is married to Naza group’s deputy executive chairman Encik SM Faliq SM Nasimuddin.

He is the youngest of the three sons of the late SM Nasimuddin SM Amin, who founded the Naza Group. Chryseis, 35, who is an executive director and shareholder of BCorp, married Faliq, 39, in 2018. The couple met while studying in an international school.

Apart from keeping the profitable waste management business within the confines of the two prominent families, the 72-year-old tycoon will be doubly pleased that Berjaya Corp will reap a gain of almost half-a-billion ringgit (RM490.74 million) from the sale of Berjaya Enviro.

The completion of the disposal, following the full settlement of the balance purchase price of RM595 million by Naza, was confirmed by BCorp in a filing with Bursa Malaysia. The proposed sale of Berjaya Enviro was first announced by BCorp in July last year and is part of the group’s three-year strategic transformation plan to divest non-core businesses.

Naza’s acquisition will see it taking control of seven companies namely, BPJ-Berjaya Sdn Bhd, Berjaya Eco Services Sdn Bhd, Save the Sea Sdn Bhd, Berjaya Enviro Parks Sdn Bhd, Amita Berjaya Sdn Bhd, J&T Berjaya Alam Murni Sdn Bhd and Berjaya Energies Sdn Bhd.

Video produced by FMT dated May 3, 2024.

Naza will take over the 659-acre integrated waste management eco park – the Bukit Tagar Enviro Park in Hulu Selangor, which includes landfill gas-to-energy operations.

“Through this acquisition, Naza will be able to offer comprehensive solutions to meet Malaysia’s waste management needs,” said Naza group’s executive chairman SM Nasarudin – Faliq’s elder brother – in a statement on May 3.

He said the group has been exploring new sectors that align with its vision of sustainable development, resource efficiency, and upholding the highest standards of environmental stewardship.

“We recognise waste management as a cornerstone of the green economy, providing stable income streams unaffected by economic cycles,” he added.

The Naza Group began operations in 1975 as a motor trading company, with Datuk Nasimuddin kicking off the business with an allocation of approved permits to import foreign cars.

He transformed the group into a conglomerate including automotive franchises, property development, engineering and construction, telecommunications, convention and exhibition, and food and beverage.

Tragically, Nasimuddin passed away in 2008, aged just 54 years, leaving his business empire to his children with Nasarudin and Faliq helming the group.

BCorp’s shares ended 0.5 sen or 1.7% lower at 28 sen, giving it a market capitalisation of RM1.7 billion.

The appearance and act on the above video are for illustration purpose only.

End©Permadu


Adapted by Fauzi Kadir
Chief Editor

Assistant Editor
Nazura Othman


Final editing and brought to you by
Fauzi Kadir CHIEF EDITOR

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