Berjaya Sports Toto shelves plan to list unit on SGX

[KUALA LUMPUR] Berjaya Sports Toto Bhd (BToto) has shelved its plans to list its subsidiary, Sports Toto Malaysia Sdn Bhd, as a business trust on Singapore Exchange (SGX).

It said on Monday that having considered the current challenging market conditions and the poor performances of listed yield stocks such as real estate investment trusts (Reits) and other business trusts in Singapore, the board has decided not to proceed with the proposed listing of Sports Toto Malaysia Trust (STM-Trust). "The board will continue to act in the best interest of BToto and its shareholders and will remain conscious and open to ideas that can enhance shareholders value on a sustained basis," it said, according to Malaysian daily The Star.

To recap, the proposals had earlier included the transfer by BToto of its 100 per cent equity stake in Sports Toto Malaysia Sdn Bhd to a business trust in Singapore - STM-Trust - and the proposed listing of units in STM-Trust in Singapore.