PETALING JAYA: Citaglobal Bhd
has proposed to acquire a 12.8% indirect stake in Mutiara Perlis Sdn Bhd, the master developer of the Perlis Maritime Corridor (PMC), a US$6.5bil (RM27.8bil) logistics infrastructure project.
The acquisition involves purchasing a 20% stake in Manjaran Sdn Bhd for RM40mil from Dedap Rimbun Sdn Bhd, satisfied through issuing 42.11 million new Citaglobal shares at 95 sen each.
Dedap Rimbun will continue to hold 80% of Manjaran post-completion of the acquisition by Citaglobal.
The PMC includes the Perlis Inland Port (PIP), Perlis Sanglang Port and Perlis Power Hub. The PIP, located 4.7km from the Malaysia-Thailand border in Padang Besar, is set to replace the overloaded Padang Besar Container Terminal.
It will start operations in September 2025, offering increased container capacity and services such as warehousing for the halal, automotive and rubber industries.
The Perlis Power Hub, meanwhile, will supply up to 5GW of electricity to Northern Malaysia and Southern Thailand, while the Sanglang Port will feature a bulk cargo terminal and a supply base for vessels and oil and gas operations.
Citaglobal’s involvement in the PMC began in August 2022, when its subsidiary, Citaglobal Land Sdn Bhd, was appointed as the engineering, procurement and construction contractor for PIP’s Phase 1, valued at RM573.5mil.
The federal government, through the Northern Corridor Implementation Authority, has invested nearly RM400mil in external infrastructure for the PIP, which aligns with the 12th Malaysia Plan and Northern Corridor Economic Region development plans.
Tan Sri Mohamad Norza Zakaria, executive chairman and president of Citaglobal, said: “Our involvement and investment in the PMC aligns with our broader vision to emerge as one of Malaysia’s leading players in infrastructure development and energy transition.”
He noted that the completed Phase 1 of PIP and its upcoming operations could contribute to Citaglobal’s revenue, with potential for future valuation gains as PMC assets mature.
Datuk Shabaruddin Ibrahim, group executive chairman of Mutiara Perlis, said: “We welcome Citaglobal into the Perlis Maritime Corridor family, and are excited to work together.
“We have a shared vision of developing the local economy of Perlis, improving social wellbeing while also strengthening Malaysia’s regional logistical reach in Asia.”
Mutiara Perlis is a joint venture, with Mutiara Infra holding an 80% stake and the Perlis State Government, via Menteri Besar Incorporated, holding 20%.
Citaglobal, a public-listed company, operates in clean energy, civil engineering, telecommunications and manufacturing, with additional ventures in waste-to-energy and clean energy collaborations globally.
