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Bina Puri Holdings Bhd plans to sell its entire 50% stake in KL-Kuala Lumpur Expressway Bhd (KLKSE) to Arena Irama for RM77 million in cash. After the deal, Arena Irama will own 100% of KLKSE, which operates the 33km LATAR Expressway. Bina Puri originally invested RM30 million in KLKSE. Deloitte Malaysia valued the expressway at RM152.6 million to RM221.8 million for full ownership as of Dec 31, 2025. Proceeds from the sale will be used to partially repay Bina Puri’s trade and revolving credit facilities with Alliance Bank Bhd, which had an outstanding balance of RM109.36 million as of Jan 30, 2026. The repayment is expected to lower the group’s gearing ratio from 1.81 times to 0.81 times. Bina Puri CEO Marcus Goh said the expressway would take time to generate meaningful cash flow, and the disposal offers an opportunity to realise the full investment value, with an estimated gain of RM74.9 million. The group is also negotiating a scheme of arrangement with lenders and creditors, aiming for completion in the first quarter of 2026 to improve its financial position. As of Dec 31, 2024, KLKSE reported accumulated losses of RM234.2 million, negative equity of RM174.2 million, and total liabilities of RM1.18 billion, of which 95.8% are loans and borrowings.

Harvest Miracle Capital Bhd is acquiring a 40% stake in Kaw Kaw Malaya Sdn Bhd (KKM) and providing shareholder advances in a deal valued at RM4.4 million, marking the group’s entry into the food and beverage sector. The investment was formalised through a share subscription agreement with G&T Brand Sdn Bhd, the company behind Bungkus Kaw Kaw and Ah Cheng Laksa. KKM, which has yet to commence operations, plans to open two “Malaysian heritage-inspired” restaurant outlets at the newly refurbished Bangunan Sultan Abdul Samad and along Jalan Kemuning, off Jalan Imbi, in Kuala Lumpur. The RM4.4 million consideration includes RM40,000 for the 40% equity stake and an interest-free, unsecured shareholder advance of RM4.36 million. Harvest Miracle said the deal provides exposure to a scalable food and beverage concept led by G&T Brand’s experienced management team, which has a strong operational track record nationwide. Under the agreement, 70% of KKM’s quarterly profit after tax plus depreciation and amortisation will be distributed to Harvest Miracle until the RM4.4 million investment is recovered. This payout rises to 90% if recovery takes more than 24 months. G&T Brand will charge a 6% management fee on gross revenue, which may be discounted by up to 60% if the investment is not recovered within 36 months. The deal also includes a put option allowing Harvest Miracle to exit with a “protected minimum return.” Under the exit and liquidity rights clause, Harvest Miracle may exit via an initial public offering or strategic investment at 12 times KKM’s latest annual EBITDA, or require G&T Brand to buy back its stake at 10 to 15 times EBITDA within 36 months. KKM projects annual distributable payouts between RM1.8 million and RM4.5 million, implying an investment recovery period of roughly one to 2.4 years. Harvest Miracle shares closed unchanged at 14 sen on Thursday, giving the group a market value of RM287.9 million.

Bina Puri Holdings Bhd has agreed to dispose of its 50% stake in the concessionaire of the KL–Kuala Selangor Expressway (Latar) to Datuk Mohamed Raffe Chekku for RM77 million. The construction group signed the agreement with Arena Irama Sdn Bhd, a company owned by Mohamed Raffe, which already holds the remaining 50% stake in Kuala Lumpur–Kuala Selangor Expressway Bhd (KLKSE). KLKSE operates the Latar concession, which runs until 2048. In a filing with Bursa Malaysia on Thursday, Bina Puri said it decided to exit the concession as KLKSE has not declared any dividends since the project was awarded in 1997. Executive director and group CEO Marcus Goh Kee Lun said the disposal provides a timely opportunity for the group to unlock the full value of its investment in KLKSE, generating an estimated gain of about RM74.9 million. Proceeds from the sale will be used to repay bank borrowings, strengthening the group’s financial position. Following the disposal, Bina Puri’s gearing ratio is expected to improve significantly to 0.81 times from 1.8 times. Goh added that the group is targeting completion of its proposed scheme of arrangement by the first quarter of 2026. As at end-December 2024, KLKSE recorded accumulated losses of RM234.2 million, with total assets of RM1 billion and liabilities of RM1.18 billion. Bina Puri said the RM77 million consideration falls within the lower end of the valuation range of RM76.3 million to RM110.9 million, as assessed by Deloitte Malaysia. The valuation was based on a discounted cash flow method, applying a weighted average cost of capital of approximately 8% to 9% for the period from Jan 1, 2026 to Oct 27, 2048. The proposed disposal, which requires shareholders’ approval as well as consent from KLKSE’s financiers and the government, is expected to be completed by the second quarter of 2026. Bina Puri’s shares closed unchanged at 30 sen, giving the company a market capitalisation of RM267.89 million.