Ascot Sports has approval for sports betting, no licence yet

KUALA LUMPUR, June 12 — Tycoon Tan Sri Vincent Tan’s Ascot Sports Sdn Bhd has received approval for a sports betting licence but the licence has yet to be issued, according to a filing to Bursa Malaysia yesterday.

The tycoon’s listed Berjaya Corporation Bhd (Bcorp) told Bursa that the formal licence first issued in 1987 is pending reissuance.

The company made the clarification after conflicting reports about the status of the approval given to Ascot Sports, the personal vehicle of Tan, who is chairman and CEO of Bcorp.

BCorp is buying a 70 per cent stake in Ascot Sports for RM525 million which Tan last week promised to give to his own charity, Better Malaysia Foundation.

BCorp’s share price fell to a three-month low early this week after Prime Minister and Finance Minister Datuk Seri Najib Razak said the government had yet to issue a sports betting licence to Ascot Sports.

The government was still discussing the licensing terms and conditions for the licence while getting feedback from various parties, Najib told Parliament on June 7.

Pakatan Rakyat governments in Penang, Selangor and Kedah have said they will not approve licences for sports betting which Tan hopes to set up in 220 out of the 680 Sports Toto outlets in the country.

BCorp said in a May 12 filing to Bursa that it plans to start operations in the second half of the year focusing on football pools pending the full licence with its terms and conditions.

~www.themalaysianinsider.com