BProperty lifts stake in Perlis Maritime Corridor developer to 49% after Citaglobal exit

Berjaya Property Bhd entered a conditional agreement to purchase Citaglobal's 20% equity in Manjaran Sdn Bhd for RM50 million, which will bring BProperty's total interest in the company to 49%. The purchase price will be satisfied by issuing 178.57 million new BProperty shares at 28 sen each, a premium over the recent market average. This follows a prior subscription for a 29% stake at RM58 million.

Upon completion, Citaglobal will hold a 3.39% stake in the enlarged BProperty share capital and will stay involved in the Perlis Maritime Corridor as an engineering, procurement, construction and commissioning contractor. Manjaran, via its subsidiary Mutiara Infra, controls the master developer of the corridor, which includes the Perlis Inland Port, Sanglang Port and Power Hub. The transaction implies a RM250 million valuation for Manjaran, up from the RM200 million valuation recorded in late 2025.