KUALA LUMPUR: Berjaya Corp Bhd (BCorp) has unveiled a three-year strategic plan to push it forward into an institutionalised high performing organisation.
The 2021-2024 strategic plan would transform the existing conglomerate into a consumer group with five focused core business segments, group chief executive officer Jalil Rasheed said.
Tagging along the blueprint is some key headline numbers including the disposals of assets worth RM2 billion over two years and RM5 billion over five years.
BCorp also aims to halve its debt level from RM5 billion to RM2.5 billion over three years and will adopt a dividend policy for all operating companies.
"I've spent the past three months studying the businesses in detail and this strategic plan is to address the gaps we have (focus, discipline) and enhance the strengths (established brands in growth sectors)," Jalil said at a virtual media briefing on the strategic plan yesterday.
"This process will optimise our resources better, improve synergies and efficiency within the group, and enhance corporate governance and transparency. This in turn, will transform BCorp into a high performing organisation and realise the unlocked value of the business," he added.
Jalil said the group had identified at least 60 dormant companies across its business segments, which it planned to either go through merger and acquisitions, initial public offerings (IPOs) or divestments.
"We have identified them all. It is something we will reveal as and when it happens. The divestment and potential IPOs will involved a wide range of industries. We have established a team to look at identifying these in order to raise money and divest there," he added.
BCorp's five business segments will be led by respective sector heads with oversight from the group CEO.
The retail segment will be reorganised into consumer marketing and distribution, food and beverage into food franchises and food trading, while property into property development, investment properties and affordable housing.
The hospitality will be revamped into hotels and resorts, recreation clubs, while services will be grouped into gaming, environment, digital services and financial technology.
"This reorganisation will see BCorp, as the holding company, led by the group CEO and a senior leadership team, playing a strategic role, and the operating companies taking on the operational and administrative functions," the group said in a statement.
The strategic plan will anchor around five key pillars to drive operational efficiency and execution: They are profitability, governance, process, people and digital.
These pillars will be achieved through four key initiatives: streamline, improve, restructure and establish.
BCorp said it would identify sub-segments and countries which it wanted to be in, sell non-core businesses and merge overlapping businesses.
It will also develop a talent pipeline among management level staff and a succession planning programme.