Sultan of Pahang raises stake in Citaglobal to 13.25% via off-market acquisition

• The purchase coincided with the disposal by Tiza Global Sdn Bhd, a private vehicle controlled by Citaglobal's executive chairman and president Tan Sri Mohamad Norza Zakaria, of 15 million Citaglobal shares in an off-market transaction.

KUALA LUMPUR (Aug 6): The Sultan of Pahang, Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah, on Wednesday increased his stake in Citaglobal Bhd (KL:CITAGLB) through the off-market acquisition of a 3.52% stake.

The purchase of the stake, comprising 15 million shares, lifted the ruler's direct interest in the diversified group to 13.25% or 56.37 million shares, from 9.72% previously, according to Citaglobal's filing with Bursa Malaysia.

The purchase coincided with the disposal by Tiza Global Sdn Bhd, a private vehicle controlled by Citaglobal's executive chairman and president Tan Sri Mohamad Norza Zakaria, of 15 million Citaglobal shares in an off-market transaction.

The price at which the shares were transacted was not disclosed. However, according to Bloomberg off-market data, the block of 15 million shares was traded at 80 sen per share, for a total value of RM12 million.

Following this transaction, Norza remains the largest shareholder in Citaglobal with a 29.31% direct and indirect stake (via vehicle Tiza Global), with Al-Sultan Abdullah as the second-largest shareholder.

Citaglobal just on Tuesday announced a RM40 million deal to acquire a 12.8% indirect interest in the master developer of the Perlis Maritime Corridor (PMC). The deal involves the issuance of new shares to acquire a 20% stake in Manjaran Sdn Bhd—an indirect shareholder of PMC’s master developer Mutiara Perlis Sdn Bhd—from Dedap Rimbun Sdn Bhd, owned by Datuk Shabaruddin Ibrahim and family.

Upon completion of the transaction, Dedap Rimbun is set to become Citaglobal's third-largest shareholder, behind Norza (via Tiza Global) and Al-Sultan Abdullah.

Citaglobal’s shares ended 1.86% higher or 1.5 sen up at 82 sen on Wednesday, valuing the group at RM346.82 million.

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