… “upon certain terms and conditions”. The government is now saying that it has not yet decided on the sports betting licence for Ascot.
Berjaya Corp made an announcement to Bursa on 12 May 2010. Look at Item 2.2 under background to Ascot: “The Minister of Finance has given its approval for the re-issuance to Ascot of the licence to carry out sports betting operations upon certain terms and conditions.”
But under item 8, “approvals required”, it states: The Proposals are conditional upon approvals being obtained from the following:
d) The Minister of Finance for the re-issuance of the sports betting license and the changes in shareholders and directors in Ascot, if required;…
There’s also item 2.5 (a) “TSVT’s guarantee of the profit after tax of Ascot that it shall be at least RM375.0 million in aggregate for the three (3) financial years ending 30 April 2011 to 30 April 2013. This translates into an average profit after tax of RM125.0 million per annum;…”
Berjaya Corp’s full announcement to Bursa on 12 May 2010:
BERJAYA CORPORATION BERHAD (“BCORPORATION” OR “COMPANY”)
(A) PROPOSED ACQUISITION OF 70% EQUITY INTEREST IN ASCOT SPORTS SDN BHD
(“ASCOT”) FOR A TOTAL CASH CONSIDERATION OF RM525 MILLION (“PROPOSED
ACQUISITION”); AND