KUALA LUMPUR: Citaglobal Bhd
has entered into a conditional agreement to sell its entire 20 per cent stake in Manjaran Sdn Bhd to Berjaya Property Bhd (BProperty) for RM50 million, which will be fully paid in BProperty shares.
In a Bursa Malaysia filing today, the diversified group said the sale involves 1.6 million ordinary shares in Manjaran and under the agreement, BProperty will issue 178.57 million new shares at 28 sen each to Citaglobal.
"The proposed divestment allows the group to realise its investment in Manjaran at the implied valuation of RM250 million, representing a 25 per cent uplift over the implied valuation of RM200 million.
"The proposed divestment is expected to give rise to a one-off gain on disposal to the group in the financial year ending June 30, 2027,” said Citaglobal.
The divestment proposal does not require approval from shareholders.
"Manjaran will cease to be an associate company of Citaglobal upon completion of the proposed disposal.
"Barring any unforeseen circumstances, the proposed divestment is expected to be completed by the end of 2026,” it said.
Astramina Advisory Sdn Bhd has been appointed as the financial adviser. - Bernama
