ANALYSTS note that Berjaya Media Bhd should pull through from its PN17 conundrum, as long as Bursa Malaysia and white knight Singer Sdn Bhd come through with the deadline extension and the injection of assets, respectively.
According to Rakuten Trade vice president of research Vincent Lau, this should not be a major issue.
“It is a matter of completing the Singer injection, which is pending the approval of the extension of the deadline by Bursa Malaysia,” Lau told FocusM. Singer is the private vehicle of Berjaya tycoon Vincent Tan.
LeInves PLT chief investment/research officer William Ng agrees, and noted that the two major parties in this particular rescue operation are Bursa Malaysia and Tan himself.
“Whether or not Berjaya Media can be saved depends on the two parties. Bursa Malaysia’s decision is whether or not to allow the extension to Berjaya Media, while Tan’s decision is which of his assets he would want to inject into the company to help,” said Ng.
Both analysts agree that it is very likely that Berjaya Media will pull through this PN17 status, with Lau believing that Singer would be the asset to inject to rescue the company.
Ng, on the other hand, noted that any of Tan’s personal companies, even Berjaya Corp Bhd, could help in this scenario.
“Overall, I will say that, banking on the ability of the Berjaya group or Tan himself, rescuing Berjaya Media should not be a problem,” Ng told FocusM.
“It is merely a matter of time, and which plan can be approved by Bursa Malaysia and the authorities,” he added.
The latest update from Berjaya Media, on a Bursa filing dated July 3, showed that it is still pending an approval from Bursa regarding an extension of time to submit its regularisation plan to the relevant authorities for approvals.
Berjaya Media saw trading suspended on March 23, with the last traded price at 10.5 sen. – July 7, 2020