KUALA LUMPUR (Dec 30): Datuk Shabaruddin Ibrahim, group executive chairman of Mutiara Perlis Sdn Bhd — the master developer of the Perlis Maritime Corridor (PMC) — has emerged as a substantial shareholder of Citaglobal Bhd (KL:CITAGLB).
This came after Shabaruddin’s company, Dedap Rimbun Sdn Bhd, completed its disposal of a 20% stake in Manjaran Sdn Bhd, an indirect shareholder of Mutiara Perlis, to Citaglobal in exchange for 42.105 million Citaglobal shares worth RM40 million or 95 sen apiece.
The shares, equivalent to a 9.003% stake, were issued to Dedap Rimbun on Dec 26, according to Citaglobal’s bourse filing on Tuesday. This places Shabaruddin, via Dedap Rimbun, as Citaglobal’s third-largest shareholder.
Following the share issuance, which enlarged Citaglobal’s share base to 467.68 million shares, diluted the shareholding of its largest shareholder, executive chairman and president Tan Sri Mohamad Norza Zakaria, to 26.78% from 29.43%.
The stake of the second-largest shareholder, the Sultan of Pahang Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah, was diluted to 12.69% from 13.95%. Other substantial shareholders in Citaglobal include Datuk Seri Raja Mufik Affandi Raja Khalid with a 5.047% stake, and Datuk Michael Tang Vee Mun with 5.021%.
The PMC is a logistics hub project consisting of the Perlis Inland Port, the Perlis Sanglang Port, and the Perlis Power Hub, carrying a gross development cost of US$6.5 billion (RM26.36 billion). Citaglobal acquired the stake in Manjaran to expand into the port infrastructure and logistics business.
Manjaran owns an 80% stake in Mutiara Infra Sdn Bhd, which in turn owns an 80% stake in Mutiara Perlis. Citaglobal’s 20% direct interest in Manjaran represents a 12.8% effective interest in Mutiara Perlis.
Mutiara Perlis is an 80:20 joint venture between Mutiara Infra and the Perlis state government, via Menteri Besar Inc Perlis.
Shares in Citaglobal ended half a sen or 0.56% higher at 90 sen, valuing the company at RM380.86 million.
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