Berjaya Property seeks 49% of Manjaran with RM50 million share swap
Citaglobal would exchange its 20% interest for shares representing 3.39% of Berjaya Property’s enlarged capital.
Berjaya Property Bhd has proposed a RM50 million purchase of Citaglobal Bhd’s 20% holding in Manjaran Sdn Bhd, with payment in shares. The companies’ bourse filings show that this purchase, combined with a previously announced subscription, would give Berjaya Property a 49% interest in the logistics hub developer.
In exchange for 1.6 million Manjaran shares, Berjaya Property would allot 178.57 million shares to Citaglobal, priced at 28 sen each. Citaglobal would then own 3.39% of the enlarged property group, and would no longer classify Manjaran as an associate.
The earlier subscription proposal, disclosed on June 29, was for a 29% interest in Manjaran at RM58 million. Its payment terms comprise 206.79 million Berjaya Property shares priced at 28 sen each and a cash component of RM100,000.
Manjaran is an investment holding company focused on developing the Perlis Maritime Corridor (PMC). The logistics development includes three components: Perlis Inland Port, Perlis Sanglang Port and Perlis Power Hub.
Citaglobal expects a one-off gain from the disposal of RM13.39 million. That estimate uses a carrying value of RM36.61 million for its Manjaran investment as at June 30, 2026; the gain will be finalised when the transaction completes.
Citaglobal said exiting the equity investment would limit its exposure to Manjaran’s capital needs and investment risks, while it would remain involved in the corridor as a contractor. It plans to retain the shares received, but could sell some or all if market conditions warrant.
Berjaya Property said paying in shares would conserve cash for operations, funding requirements and potential investments. Completion is expected by the end of 2026, conditional on the earlier subscription completing and Bursa Malaysia Securities approving the consideration shares for listing, among other requirements.
