Citaglobal Bhd is proposing to raise RM42.09 million via a private placement of 46.77 million new shares to Berjaya Securities Sdn Bhd at an issue price of 90 sen per share.
Upon completion, Berjaya Securities — an indirect wholly owned subsidiary of Berjaya Corporation Bhd — will become a substantial shareholder in Citaglobal. It is expected to hold an 8.66% stake under the minimum scenario, or 6.59% assuming full exercise and conversion of the company’s warrants and irredeemable convertible preference shares (ICPS), according to a filing with Bursa Malaysia.
TIZA Global Sdn Bhd will remain Citaglobal’s largest shareholder with a 26.86% stake after the placement. TIZA Global is the private investment vehicle of Citaglobal executive chairman and president Tan Sri Mohamad Norza Zakaria.
Based on the minimum scenario, TIZA Global is followed by the Pahang ruler, Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah, with an 11.92% stake, and Dedap Rimbun Sdn Bhd with 7.79%. Dedap Rimbun is controlled by Datuk Shabaruddin Ibrahim, group executive chairman of Mutiara Perlis Sdn Bhd, the master developer of the Perlis Maritime Corridor.
The placement price of 90 sen represents a premium of 1.16% to the five-day volume-weighted average price (VWAP) and a 7.04% premium to the 12-month VWAP.
Of the RM42.09 million in gross proceeds, RM13.5 million will be used to reimburse and settle the remaining cash payment for the acquisition of land in Gebeng, Pahang.
Another RM18.5 million is allocated for business expansion and investments, including small hydro assets, a large-scale solar project and a bio-compressed natural gas upgrading facility.
Citaglobal has earmarked RM8.6 million for working capital, while RM1.49 million will cover estimated expenses related to the placement.
The exercise is expected to be completed by the second quarter of 2026, subject to approvals from shareholders and Bursa Malaysia Securities. TA Securities has been appointed as the principal adviser and placement agent.
Citaglobal shares closed half a sen lower, or 0.55%, at 90 sen, giving the group a market capitalisation of RM444 million.
