Latest Stories

Berjaya unit in PH acquires stake in Malaysian IT firm


MANILA, Philippines—Berjaya Philippines Inc., the domestic unit of Malaysia’s Berjaya Group, has acquired a minority stake in a Malaysian information technology company.

A filing in the Philippine Stock Exchange on Thursday showed that Berjaya Philippines purchased shares, convertible debt and warrants of Redtone International Bhd., which is listed in Kuala Lumpur, for about P273 million.

Based on the filing, Berjaya Philippines acquired 11.4 million shares of Redtone International valued at 0.10 Ringgit per share or a total of P62.5 million. These account for 2.39 percent of the company’s outstanding stock.

Berjaya Philippines also acquired 81.25 million units of Redtone’s convertible debt valued at about P211.18 million, accounting for 33.46 percent of total convertible debt. Some 563,700 warrants were also bought for P2.04 million.

Redtone International is engaged in the provision of data and broadband solutions to corporate, small and medium enterprises, and government units. It is also into the management and building of Wi-Fi networks, the statement showed.

Redtone International also operates in Shanghai, China, under Redtone Asia Inc., which is listed on the US OTC Bulletin Board.

“The securities were acquired for trading purposes as part of the issuer’s strategy for maximizing the utility of its unappropriated funds,” Berjaya Philippines said in the disclosure.

“The securities were purchased at prices based on the prevailing market prices at the time of acquisitions,” it added.

Berjaya Philippines noted that the purchase would have no effect on its issued and paid-up share capital.

Berjaya Philippines earns mainly from Philippine Gaming Management Corp., which supplies lotto equipment to the Philippine Charity Sweepstakes Office. It is also involved in hotels, fast food and automobile distribution.

Berjaya Philippines’ share price declined by 4.65 percent to P20.50 per share at the close of trading on Thursday.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: acquisition , Berjaya Philippines , IT , Redtone International Bhd. , shares , stocks

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • 2 teenagers killed in Mlang, North Cotabato
  • No sympathy from North Korea over ferry disaster
  • 4 French journalists freed from Syria captors home
  • De Lima on Gigi Reyes: Let’s wait and see
  • South Korean relatives divided over whether to raise ferry
  • Sports

  • Pacquiao courtesy call to Aquino set for Monday
  • Nick Calathes suspension a reminder of supplement risk
  • Teague scores 28 as Hawks soar past Pacers in Game 1
  • Warriors beat Clippers in playoff opener
  • Pacquiao top Mayweather contender
  • Lifestyle

  • Britain’s baby Prince George visits Australian zoo
  • Noli Yamsuan, Cardinal Sin’s ‘official’ photographer: ‘I could smell the aftershave lotion of the Pope’
  • Simplifying and lightening life
  • Where to go for Easter night-out
  • Joe de Venecia visits the Queen Mother of Cambodia
  • Entertainment

  • Show-biz celebrities’ other choices of summer getaway
  • Why ‘Noah’ can’t dock his ark at Philippine theaters
  • Acclaimed artist goes wild while on holiday
  • Believing in this mermaid
  • Missing Xian
  • Business

  • Top-selling insurance agent opens her dream café
  • Connecting and transacting with one another
  • Building wealth for health
  • Why Mandaue Foam buys, rather than rents, space
  • A workplace of new possibilities
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Epiphany
  • Unpaid creditor vs distressed debtor
  • Moving on
  • From culinary desert to paradise
  • Response to China: ‘Usjaphil’
  • Global Nation

  • Asia seeks Obama’s assurance in territorial spats
  • Cesar Chavez movie sparks memories of Fil-Am labor leaders
  • Filipinos in US poised for success
  • Visas for priests and other faith leaders
  • DOH to continue tracking co-passengers of OFW infected with MERS virus
  • Marketplace