10 Jun '12, 10am
Berjaya Sports Toto Berhad and Sports Toto Malaysia Trust
Berjaya Sports Toto Bhd has proposed to spin off Sports Toto Malaysia (STM) into a Sports Toto Malaysia Business Trust. This has prompted me to look into BST and I will share my findings in a 2 parts analysis. This is my first time going into an analysis of foreign share and I have realised the additional difficulty of securing information. Under the deal, Berjaya Sports Toto will hold on to 79.5% of the shareholding of STM and they will get RM 670m in cash and RM 527.4m in promissory note. As always, we will start off with the financial statement analysis.