PETALING JAYA: Citaglobal Bhd
has entered into a conditional share sale agreement with Berjaya Property Bhd (BProperty) for the disposal of its 20% stake, comprising 1.6 million shares, in Manjaran Sdn Bhd for RM50mil.
In a filing with Bursa Malaysia, Citaglobal said the consideration will be satisfied entirely through the issuance of 178.57 million new BProperty shares at 28 sen apiece.
Upon completion, Manjaran will cease to be an associate of Citaglobal, which will hold a 3.39% stake in BProperty, based on its enlarged share capital of 5.27 billion shares as at Sept 30, 2026, after accounting for the new shares issued under a separate subscription agreement and the proposed disposal.
“The proposed divestment allows the group to realise its investment in Manjaran at the implied valuation of RM250mil, representing a 25% uplift over the implied valuation of RM200mil at which the initial acquisition and the BProperty subscription were undertaken, within one year from the completion of the initial acquisition.”
