BProperty to boost stake in Perlis Maritime Corridor developer to 49pct as Citaglobal exits

KUALA LUMPUR: Berjaya Property Bhd (BProperty) has reached a conditional agreement to purchase an extra 20 percent stake in Manjaran Sdn Bhd from Citaglobal Bhd for RM50 million. This acquisition would raise BProperty's overall ownership in Manjaran to 49 percent. This news follows a previous June 29th agreement where BProperty committed to a 29 percent stake, costing RM58 million.

Citaglobal is selling their entire 20 percent share in Manjaran, which contains 1.6 million shares. The RM50 million sale is to be paid for by BProperty buying 178.57 million new shares at 28 sen each. This price is 12.86 percent higher than BProperty's five-day average of 24.81 sen as of October 23rd. After the deal, Citaglobal will own just 3.39 percent of BProperty's total shares.

Manjaran, through its 80 percent owned subsidiary Mutiara Infra Sdn Bhd, is the main shareholder of Mutiara Perlis Sdn Bhd, the developer of the Perlis Maritime Corridor (PMC). The PMC is a project to create an integrated logistics hub including the Perlis Inland Port, Perlis Sanglang Port, and Perlis Power Hub. Phase 1 of the PIP started running in May 2026.

For Citaglobal, this RM50 million deal means an estimated value of RM250 million for all of Manjaran, a 25 percent increase from their initial valuation of RM200 million in 2025. The sale is expected to give Citaglobal a one-time profit of about RM13.39 million for the fiscal year ending June 30, 2027. Citaglobal's board thinks selling BProperty shares gives them flexibility to get money for future needs.

However, they plan to stay involved in the PMC projects as an engineering, procurement, construction, and commissioning (EPCC) contractor without needing more money.