Berjaya CEO Will Announce Reorganization, New Straits Reports

(Bloomberg) -- Berjaya Corp. will announce a reorganization in June to streamline its businesses, and it plans to sell off non-core assets, New Straits Times cited Group Chief Executive Officer Abdul Jalil Abdul Rasheed as saying.

Jalil, who was appointed to the position in March, told the newspaper he intended to reorganize certain aspects of the business and would share the company’s plans in a series of announcements.

“It’s important to get the foundation right first, which includes reorganizing the business and knowing clearly what businesses we want to be in,” he told New Straits Times. Berjaya’s operations span hotels, property, betting, automobiles and insurance.

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The company hired an outside professional for the first time in Jalil in a bid to revamp one of Malaysia’s biggest diversified groups as it tries to recover from the effects of the global pandemic. Jalil was CEO of Permodalan Nasional Bhd., the country’s top state-run money manager, and has worked with Aberdeen Standard Investments and Invesco Ltd.

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