PETALING JAYA: Berjaya Property Bhd (BProperty) has entered into a conditional share subscription agreement with Manjaran Sdn Bhd for the proposed subscription of 2.32 million new ordinary shares in the latter, representing 29% of its enlarged issued share capital, for RM58mil.
In a filing with Bursa Malaysia, BProperty said Manjaran is involved in the on-going development of the Perlis Maritime Corridor (PMC), a master development of an integrated logistics hub in Perlis comprising the Perlis Inland Port, Perlis Sanglang Port and Perlis Power Hub.
“The proposed subscription offers the BProperty Group an opportunity to secure an interest in the PMC project and to venture into the port, logistics and energy sectors.”
BProperty noted that the PMC is intended to become the primary northern gateway for regional trade by integrating deep-water maritime facilities with extensive rail networks.
“The PMC offers an alternative to the congested Strait of Malacca, leveraging the Pan-Asia Rail Network to reduce transit times between Northern Malaysia and China.”
