BToto eyes business in Sri Lanka via joint venture

PETALING JAYA: Berjaya Sports Toto Bhd’s (BToto) wholly owned subsidiary FEAB Sdn Bhd and PP Cylabs (M) Sdn Bhd are teaming up to explore business opportunities and undertake projects in Sri Lanka.

In a filing with Bursa , BToto said FEAB entered into a shareholders’ agreement with PP Cylabs on a 50:50 (JV) basis to set up a JV company with an initial paid-up capital of RM100,000.

PP Cylabs is an investment holding company with Dr Poh Soon Sim as the sole director and sole shareholder. BToto said Poh has contacts within the business community and local knowledge in relation to businesses in Sri Lanka.

The JV will not have any material effect on the earnings, net assets and gearing of the BToto group for the current ending April 30.

Source: The Sun Daily

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