Citaglobal Berhad (“Citaglobal” or “the Group”) today announced that it has entered into a conditional share sale agreement with Berjaya Property Berhad (“BProperty”), formerly known as Berjaya Land Berhad, for the proposed divestment of Citaglobal’s entire 20% equity interest in Manjaran Sdn Bhd (“Manjaran”) for a total consideration of RM50.0 million.
The proposed transaction values Manjaran at an implied equity value of RM250.0 million, representing a 25% uplift from the RM200.0 million implied valuation at which Citaglobal completed its initial investment in December 2025. Based on the unaudited carrying value of the investment as at 30 June 2026, the transaction is expected to generate a one-off gain on disposal of approximately RM13.39 million for the Group.
The disposal consideration will be satisfied entirely through the issuance of 178,571,429 new ordinary shares in BProperty at an issue price of RM0.28 per share. Upon completion, Citaglobal is expected to hold approximately 3.39% of BProperty’s enlarged issued share capital, excluding treasury shares.
Manjaran is an investment holding company with an indirect controlling interest in Mutiara Perlis Sdn Bhd, the master developer of the Perlis Maritime Corridor (“PMC”). The PMC is an integrated logistics development comprising the Perlis Inland Port, Perlis Sanglang Port and Perlis Power Hub, with Phase 1 of the Perlis Inland Port having commenced operations in May 2026.
Notwithstanding the proposed divestment, Citaglobal may continue to participate in the development of the PMC as an engineering, procurement, construction and commissioning (“EPCC”) contractor. This would allow the Group to retain exposure to future construction opportunities associated with the project while reducing its equity exposure and capital commitment.
Tan Sri Dato’ Sri (Dr.) Mohamad Norza Bin Zakaria, Executive Chairman and President of Citaglobal, said:
“This proposed divestment reflects our disciplined approach to capital management and value creation. It allows Citaglobal to realise the value of its investment while maintaining the flexibility to participate in future opportunities arising from the development of the Perlis Maritime Corridor. As we continue to strengthen our portfolio, we remain focused on allocating capital efficiently, enhancing earnings visibility and delivering sustainable long-term value for our shareholders.”
The BProperty shares to be received by Citaglobal are listed securities on the Main Market of Bursa Malaysia Securities Berhad. The Group intends to hold the shares upon completion and may, subject to prevailing market conditions and strategic considerations, dispose of all or part of its shareholding at an appropriate time. Any proceeds realised would support the Group’s investment and working capital requirements.
The proposed divestment is subject to the fulfilment of the conditions precedent under the share sale agreement, including the completion of BProperty’s subscription for a 29% equity interest in Manjaran and Bursa Malaysia Securities Berhad’s approval for the listing and quotation of the consideration shares. Barring unforeseen circumstances, the transaction is expected to be completed by the end of 2026.
Upon completion, Manjaran will cease to be an associate company of Citaglobal. The proposed divestment is not subject to the approval of Citaglobal’s shareholders.
