Berjaya Corp, Ribhan to jointly bid for job in Brunei

KUALA LUMPUR: Berjaya Corp Bhd (BCorp) has entered into a memorandum of understanding (MoU) with Ribhan Nurhidayah Contractor to jointly submit a tender to the Brunei Economic Development Board to undertake the energy efficient waste management system for Brunei.

In a filing with Bursa Malaysia yesterday, BCorp said if the parties were successful in the tender, a joint venture (JV) company incorporated under the laws of Brunei should be formed.

“The JV company shall be 60% owned by BCorp or its related companies and the remaining 40% by Ribhan,” it said. BCorp said the proposal was in line with one of the group’s business activities of solid waste management and treatment solution and technology.

It added that the proposal would not have any material effect on the gearing, net assets and earnings of BCorp for the current financial year ending April 30, 2010.

“However, the proposal is expected to contribute positively to the earnings of BCorp group in the longer term,” it said.

In another development, BCorp’s 49.43%-owned unit Berjaya Holdings (HK) Ltd (BHK) said it was not aware of any reasons for the recent increases in its price and volume on the Stock Exchange of Hong Kong.

In reply to a stock exchange query, BHK said apart from the potential acquisition as disclosed in the announcement dated July 23, it was not aware of any reasons for such increases.

BHK said it was in an advanced stage of negotiations with parties including BCorp in connection with the potential acquisition.

As a cautionary note, it said the potential acquisition may or may not proceed. BHK reminded shareholders and potential investors to exercise caution when dealing in securities of the company.