PETALING JAYA: Berjaya Property Bhd has proposed to acquire an additional 20% stake in Manjaran Sdn Bhd from Citaglobal Bhd for RM50 million, bringing its planned shareholding in the company to 49%.
The proposed acquisition will be settled through the issuance of 178.57 million new Berjaya Property shares at 28 sen apiece, according to its Bursa Malaysia filing.
The transaction follows an earlier agreement signed on June 29 for Berjaya Property to subscribe RM58 million for 2.32 million new shares in Manjaran, representing a 29% stake. That subscription remains pending completion.
Upon completion of both transactions, Berjaya Property will hold 49% of Manjaran, while Dedap Rimbun Sdn Bhd will retain a 51% interest. Citaglobal will exit Manjaran and receive an estimated 3.39% stake in Berjaya Property through the share issuance.
Manjaran is an investment holding company whose core business is linked to the Perlis Maritime Corridor (PMC), an integrated development comprising the Perlis Inland Port (PIP), Perlis Sanglang Port (PSP) and Perlis Power Hub (PPH), through its subsidiary Mutiara Perlis.
PIP Phase 1 commenced operations in December 2025, with a designed capacity of 600,000 twenty-foot equivalent units (TEUs). The port occupies a 500-acre site in Chuping Valley, near the Malaysia-Thailand border.
PSP and PPH remain at the planning stage. The proposed power hub is envisaged to have a capacity of up to 5,000 megawatts.
The acquisition values Manjaran at an implied RM390.63 million, with an implied price-to-earnings ratio of 24.41 times based on projected earnings.
Management projects PIP Phase 1 to generate an average annual profit after tax of RM16 million over a 20-year projection period beginning in the financial year ending Sept 30, 2027. The projection assumes a ramp-up in operations, long-term growth of 2% and a 10-year tax exemption.
Manjaran recorded revenue of RM4.51 million and a net loss of RM6.99 million for the financial year ended 2025. For the nine months ended June 2026, it reported revenue of RM3.56 million and a net loss of RM5.40 million.
As at June 30, 2026, Manjaran had borrowings of RM353.57 million and total equity of RM265,000.
The proposed acquisition is subject to the completion of the earlier subscription, Bursa Malaysia’s approval for the listing and quotation of the new shares, and other approvals where required. Berjaya Property expects the transaction to be completed by the end of 2026.