Malaysia’s Berjaya buys sports betting firm | Reuters

to Ascot

… Tan also controls Berjaya Sports Toto (BSTB.KL), one of

three number forecast operators in the mainly Muslim country.

Shares of Berjaya, which were suspended from trading on

Tuesday, will resume trading from Thursday.

(Reporting by Soo Ai Peng; Editing by David Holmes)

($1=3.203 Malaysian Ringgit)

Separately, Berjaya said it is planning to raise m88 about 614

million ringgit from a rights offering.

Shares of Berjaya Sports Toto ended up 2.7 percent ahead of

the announcement on Wednesday.

“The Minister of Finance has given its approval … to carry out sports betting operations upon certain terms

and conditions,” Berjaya said in a stock exchange filing.

“The primary focus of Ascot will be on sports betting on

soccer games in the initial stages with the aim of increasing

their product service offering to other sports in the future,”

it said.

Berjaya will pay 525 million ringgit ($163.9 million) to

gaming tycoon Vincent Tan for a 70 percent stake of Ascot Sports

Sdn Bhd, which recently obtained approval from the government to

conduct a sports betting business.

KUALA LUMPUR May 12 Malaysian gaming group

Berjaya (BGRO.KL) will acquire from its major shareholder a

sports betting operator after the southeast Asian country

legalised the activity, the company said on Wednesday.

Ascot is expected to kick start its sports betting operation

in the second half of this year, with its retail betting

operations being housed at selected Sports Toto outlets, the

company said.

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