In a statement today, Berjaya said the acquisition is equivalent to 1.4% of the total five billion shares of the company.

“The acquisition of equity interest in Berjaya by Abdul Jalil signifies good corporate governance, whereby as a group CEO and minority shareholder, he would act in the best interests of the company and its various stakeholders,” it said.

Meanwhile, Abdul Jalil said being a shareholder and group CEO would allow him to execute changes with the right incentive in place.

He said it is also a vote of confidence in the company and addressed the seriousness of this institutionalisation phase the company is undertaking.

“I took on this group CEO role to undertake a transformation of Berjaya. In my years of experience, projects of this magnitude are best achieved when the leader is well incentivised and aligned with all minority shareholders,” he added.

Abdul Jalil was appointed as group CEO of Berjaya on March 16. He was previously the president and CEO of Permodalan Nasional Bhd.