PETALING JAYA: Mentiga Corp Bhd
is set to get a new major shareholder after HIS TIZA Pahang Sdn Bhd (HTP), a joint venture owned by the investment holding companies of Citaglobal Bhd executive chairman and president Tan Sri Mohamad Norza Zakaria and Pahang Crown Prince Tengku Hassanal Ibrahim Alam Shah, agreed to acquire a 30% stake in the plantation group for RM21mil, at a 72.41% premium to its market price.
HTP entered into a share sale agreement with Amanah Saham Pahang Bhd (Aspa) for the acquisition.
The acquisition, which involves 21 million shares at RM1 apiece, will make HTP Mentiga’s second-largest shareholder, while Aspa, which is wholly owned by the Pahang state government, will remain its largest shareholder with a 43.91% stake.
Mentiga’s share price is at 58 sen, while its unaudited net assets stood at RM3.17 per share as at June 30, 2026.
HTP is a 50:50 joint venture between Mohamad Norza’s investment holding company, TIZA Global Sdn Bhd, and HIS Holdings Sdn Bhd, the investment holding company of Tengku Hassanal.
In a statement yesterday, HTP said it plans to work with Mentiga’s board and management to strengthen plantation productivity, including raising its fresh fruit bunch (FFB) yield from about 14 tonnes per ha towards the industry average of 18 tonnes per ha.
In the longer term, HTP aims to position Mentiga as a “leading plantation platform” for Pahang, with the potential to consolidate plantation assets in the state under the group, subject to the necessary approvals.
The acquisition is expected to be completed within 30 market days from the signing of the share sale agreement on Oct 12, or on a later date mutually agreed by both parties.
Mentiga, a Pahang-based plantation group, has about 24,800 acres of long-leasehold land.
The company returned to profitability in 2025 after recording losses from 2021 to 2024.
For the six months ended June 30, 2026, it posted an unaudited net profit of RM1.32mil on revenue of RM18.71mil, while FFB production rose 14% to 16,254 tonnes.
“We are investing in Mentiga at a premium because we see significant long-term potential. HTP will support Mentiga’s ongoing recovery by bringing entrepreneurial drive, turnaround experience and new growth opportunities to the board and management.
“Mentiga has strong foundations: a substantial Pahang landbank, an established plantation business and a turnaround already under way. The Pahang state government has called for a clear recovery plan for Mentiga,” Mohamad Norza said.
