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Berjaya Group Berhad Acquires 60% of Algaetech
October 10, 2012
he Board of Directors of Berjaya Corporation Berhad has announced that its wholly-owned subsidiary, Berjaya Group Berhad, acquired a major share of Algaetech International Sdn Bhd on October 9, 2012. Algaetech Intl. is now a 60% owned subsidiary of BCorporation.
Algaetech International was incorporated in Malaysia on August 13, 2010 under the Malaysia Companies Act, 1965. The Algaetech Intl Group is involved in micro-algae research, development and consultancy with production and marketing of renewable energy, and high value products including anti-oxidants and other nutraceuticals.
Berjaya Corporation, a $6.2 billion USD per year company with 33,000 employees, has a history dating back to 1984. Berjaya Corporation is a diversified conglomerate with core businesses in consumer marketing, financial services, hotels, resorts, property investment & development, sanitary landfill, investments, food & beverages and other areas.
This acquisition of Algaetech Intl allows for Berjaya Corporation to invest in green technology and bio-technology projects with potential applications in health products, environmental management and renewable energy. The Board of Directors of Berjaya Corporation is of the opinion that this Acquisition is in the best interests of the Berjaya Group.
Algaetech Intl. is excited about this acquisition as it shows the interests of large corporations, and their willingness to tackle issues such as global warming, food shortage, and sustainable energy development through algae technologies. “The global reputation and proven R&D technologies by Algaetech Intl, has attracted worldwide attention, and now with the support and reach of Berjaya Corporation, this will surely create a quantum leap in green & sustainable technology in Malaysia and the region,” said Dato’ Paduka Syed Isa Syed Alwi, Chief Executive Officer of Algaetech Intl. “There are truly exciting times ahead. Together, we can bring the sustainable future closer to the present. The future is now.”