Berjaya Corporation Bhd has disposed of its entire 8.64% stake in Citaglobal Bhd to Detik Ria Sdn Bhd for RM42.56 million.
In a Bursa Malaysia filing on Monday, Berjaya Corp said its wholly owned subsidiary, Berjaya Securities Sdn Bhd, sold 46.77 million Citaglobal shares to Detik Ria via a direct business transaction on June 19 at 91 sen per share.
Detik Ria is controlled by Johor princess Tunku Tun Aminah Sultan Ibrahim, who is also Berjaya Corp’s non-executive chairman, a director of Berjaya Securities and chairman of Detik Ria. As a result, the disposal is considered a related-party transaction.
The shares were originally acquired at 90 sen each through Citaglobal’s private placement exercise completed on June 8, with the carrying value in Berjaya Corp’s books also standing at 90 sen per share.
Following the sale, Berjaya Securities has ceased to be a shareholder of Citaglobal.
Berjaya Corp said the disposal price was determined based on Citaglobal’s prevailing market price at the time of the transaction. Proceeds from the sale will be used for working capital purposes, including administrative, marketing and operating expenses.
The group added that the disposal is not expected to have a material impact on its net assets, earnings or gearing for the financial year ending June 30, 2026, nor will it affect its issued share capital or substantial shareholders’ holdings.
Tunku Aminah abstained from all board discussions and voting related to the transaction. Berjaya Corp’s audit committee deemed the disposal fair, reasonable and conducted on normal commercial terms, adding that it is not detrimental to minority shareholders.
Berjaya Corp shares closed 0.5 sen higher at 25.5 sen on Monday, giving the group a market capitalisation of RM1.55 billion. The stock has declined 3.8% over the past year. Citaglobal ended unchanged at 90.5 sen, valuing the company at RM489.9 million, with its shares up 12.4% over the same period.
