KUALA LUMPUR: Berjaya Property Bhd (BProperty) has entered into a conditional share sale agreement to acquire an additional 20 per cent equity interest in Manjaran Sdn Bhd from Citaglobal Bhd for RM50 million.
The proposed acquisition will increase BProperty's total stake in Manjaran to 49 per cent. This follows an earlier share subscription agreement dated June 29, wherein BProperty agreed to subscribe to a 29 per cent stake for RM58 million.
Citaglobal is divesting its entire 20 per cent holding in Manjaran, which consists of 1.6 million shares.
The RM50 million disposal consideration will be fully satisfied through the allotment and issuance of 178.57 million new BProperty shares at an issue price of 28 sen per share.
This issue price represents a 12.86 per cent premium over BProperty's five-day volume-weighted average market price of 24.81 sen up to Oct 23.
Upon completion, Citaglobal will emerge with a 3.39 per cent stake in the enlarged issued share capital of BProperty.
Manjaran, through its 80-per cent-owned subsidiary Mutiara Infra Sdn Bhd, is the controlling shareholder of Mutiara Perlis Sdn Bhd, the master developer of the Perlis Maritime Corridor (PMC).
The PMC is a master development of an integrated logistics hub comprising the Perlis Inland Port (PIP), the Perlis Sanglang Port, and the Perlis Power Hub. Phase 1 of the PIP commenced operations in May 2026.
For Citaglobal, the RM50 million transaction translates to an implied valuation of RM250 million for 100 per cent of Manjaran, marking a 25 per cent uplift from the RM200 million implied valuation recorded during Citaglobal's initial acquisition completed in late 2025.
The divestment is estimated to yield a one-off gain on disposal of approximately RM13.39 million for Citaglobal in the financial year ending June 30, 2027.
Citaglobal's board noted that receiving listed BProperty shares provides flexibility to monetise the investment for future working capital.
Nevertheless, Citaglobal plans to maintain its involvement in the PMC projects as an engineering, procurement, construction, and commissioning (EPCC) contractor without requiring further equity capital contributions.
© New Straits Times Press (M) Bhd