Berjaya Corp divests stake in Razer Fintech

BURSA Malaysia listed conglomerate Berjaya Corporation sold a 30 per cent stake in Razer Fintech back to Razer for US$53.6 million.

This pares Berjaya's stake in Razer Fintech to 19 per cent from 49 per cent previously. The sale is part of the conglomerate's transformation efforts to streamline their operations.

"And in the case of Razer, it was especially appealing as we had a significant return on our investment in a relatively short time," said Jalil Rasheed, chief executive officer, Berjaya Corporation.

Razer Fintech has had its consumer financial services plans dashed after failing to win a digital banking licence in Singapore. The financial services arm also shuttered its e-wallet and chose not to apply for a Malaysian digital banking licence, and instead focused on its payment gateway services with Razer Merchant Services.

This sale comes as Razer's management is mulling a buyout with a consortium to take the gaming hardware and services company private. The consortium believes that Razer is undervalued in the Hong Kong market, where the share price has yet to rise above the IPO price of HK$3.88.

Razer shares were trading down 1.3 per cent or HK$0.04 at HK$3.01 as at 3.29 pm.

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