Berjaya Corporation Berhad: A Pioneering Public Company in Sports

Public CompanyPublic company Berjaya Corporation Berhad was born in 1990 and named Berjaya Land (B-land'). This company is setting up to carry out Sports Toto Malaysia Berhad's Restructuring Scheme to acquire Sports Toto Malaysia Berhad. Tan Sri Dato' Seri Vincent Tan Chee Yioun, the CEO of B-land' uses his own company to acquire 70% of the paid-up capital of Sports Toto and was listed on Bursa Malaysia. Besides, B-land also acquire properties through Right and Special Issue. Then, RekaPacific Berhad (Berjaya Industrial Berhad) offer Sports Toto becomes its subsidiary.

Next, Berjaya Group Berhad (BGroup') acquire Teras Mewah Sdn Bhd (TMSB') and TMSB' purchase all the shares of B-land from RekaPacific Berhad. Thus, B-land become direct subsidiary of BGroup while RekaPacific become wholy-owned subsidiary of Berjaya Corporation Berhad (BCorp').Tan Sri Dato'Seri Vincent Tan Chee Yioun is an experienced and successful businessman for more than 40 years. He was retired on 23 February 2012. Before his retirement, he was the Chairman / CEO and the earlier appointed of this company on 15 September 2005.

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He was re-appointed as Executive Chairman on 1 November 2017. He is also a substantial shareholder by holding 22.9% of shares which equities is RM1,126,455,718 of the company.Dato' Sri Robin Tan Yeong Ching is one of the child of Tan Sri Dato'Seri Vincent Tan Chee Yioun. He was a graduate of University of Southampton in England. He has join the company in 1995 and become General Manager in 1997. He is one of the Board and became CEO in the company. After that, he was become Chairman and CEO at the same time.

However, he was abandoned his position of Chairman of the company 1 November 2017. Nowadays, he is one of a member of Remuneration Committee in company.All the directors of this company required to take part a training and education programmes to update their knowledge for company every year. So, they can understand their responsibilities and roles clearly. As the time change, the director need to change with the time to understand the young people's mind and lead them to the successful. Berjaya Corporation Berhad is a conglomerate diversification company because it expands the business into many field there are Gaming and Lottery Management, Hotels, Resorts, Recreation Development and Vacation Timeshare, Property Investment and Development and Motor Retailing. It is a public company because it is running a large business. Then, the number of members in the public company is unlimited but should have at least one member and two directors. The company can sell shares to public and anyone can buy the company's shares. Therefore, Dimensional Fund Advisor LP is one of the shareholder of this companyThe revenue of Berjaya Corporation Berhad in 2018 is RM6,361 million and the profit before tax is RM70 million. The total assets of the year are RM12,892 million and there is loss for RM118 million in this year, so no dividend pay to the shareholders. There is some example of subsidiaries company of Berjaya Corporation Berhad. This company is one of the leading companies of gaming in Malaysia through its subsidiary company, Berjaya Sport Toto Berhad. The profit of this business in this year is RM253.5 million. Other than that, the other subsidiary company is Berjaya Hotels & Resorts which is focus on tourism and the profit is RM318.1 million. The Clubs and Recreation Division of Berjaya Corporation Berhad is running a golf club and equestrian club in Malaysia and its profit is RM2.1 million. The company and its subsidiaries are trying to decrease the environment pollution that effected by their business and continue their businesses without destroying the environment. For example, the mission of the process development division is to minimize the pollution of the environment while having their business. Besides, the company also improve the awareness of environmental protection through 5R practice Refuse, Reduce, Reuse, Repair and Recycle in the businesses. The process development division has been used the IBS precast system to reduce the building waste of materials. Furthermore, the company also has cooperation with other companies to collect the used oil and grease reuse in their production. Last but no least, Sports Toto also implement to reduce the waste of paper by using recycle paper and Property Investment Division has using Touch n Go system at parking lot to reduce the using of paper tickets.Berjaya company thinks that the employees are the most important assets of the company it is because without employees, the company cannot operate. So, the company has spent a lot of efforts on the employees. Company cares a lot about the health of its employees, so the company has hold some talks about healthy to its company to inculcate the correct health knowledge. Moreover, company has also provided a safety working environment to employees and provide several important skills to them such as cardiopulmonary resuscitation and emergency response. Besides, the company has provided better benefits and welfare to its employees such as health care and hotel stay privileges. The company also provide welfare fund to employees and their familytmembers who involve in accident or natural disaster.The company has take place the corporate social responsibility every year to return society. For example, the company had donated RM25.6 million to 90 charity organization to support the people in need on Berjaya Founder's Day on 2014. Berjaya Founder's Day is to remind us need to care about our surroundings. Besides, the development in 1999 in Indah Island had destroy the mangrove growth environment. On March of 2016, managers and workers of Berjaya Starbucks Malaysia worked with Forestry Department to plant the mangrove trees. Total 200 mangroves trees had been planted in 7 hours in Indah Island.Case LawBerjaya Times Square Sdn Bhd v M Concept Sdn BhdBerjaya Times Square Sdn Bhd, an appellant which is selling commercial shop lot and M Concept Sdn Bhd, respondent is one of the purchaser of purchasing the shop lot. There is a sale and purchase agreement between purchaser and seller. In the condition of agreement, the lot must be delivery to M Concept Sdn Bhd before 23 November 1998. The appellant had failed to delivery the lot on time, but they still have relation on the progress of development. Respondent had made full payment before revoke the contract and appellant still failed to delivery in 2002. The respondent asks it to pay the return back, but appellant said that it only to pay for the liquidated damages. Respondent use Section 56 of Contract Act 1950 to end the contract which the appellant had break the contract of not delivery the lot on time. As conclusion, problem was whether the respondent permissible to revoke the agreement and time was essence of agreement.