Berjaya Sports to spin off unit for Singapore listing

The Malaysian lottery operator says it intends to transfer its Sports Toto Malaysia unit, which has an indicative value of up to $2 billion, to a Singapore-listed business trust.

<div style="text-align: left;"> Malaysia is set to become one of the most active and interesting markets for new listings this year </div>

By Anette Jönsson

June 06, 2012

Malaysian lottery operator Berjaya Sports Toto plans to transfer its wholly-owned Sports Toto Malaysia STM unit to a business trust with the intention of listing it in Singapore, according to a stock exchange filing made late on Monday. STM mainly operates so-called Toto pool betting, or lucky-numbers games.

The business trust will have an indicative valuation of between M$5.9 billion and M$6.5 billion $1.84 billion to $2 billion based on discounted cashflow, it said. Deloitte has been hired to make an independent valuation of STM, which will be published in a circular to Berjaya Sports’ shareholders at a later date.

The spin-off and listing is expected...

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