Berjaya Property to own 49% of Perlis port group Manjaran

Berjaya Property Bhd, formerly Berjaya Land, will own 49% of Manjaran Sdn Bhd, the company that controls the developer of the Perlis Maritime Corridor. On 26 October 2026 it agreed to buy Citaglobal Bhd's entire 20% stake in Manjaran for RM50 million, paid in new Berjaya Property shares. This adds to the 29% it agreed to subscribe for in June.

The corridor has three parts: the Perlis Inland Port in Chuping Valley (running), Sanglang Port on the coast (groundbreaking on 28 October) and the Perlis Power Hub (planned).

The deal

• Payment: 178.57 million new Berjaya Property shares at 28 sen, 12.86% above the five-day average of 24.81 sen
• The June deal: RM58 million for 29% in new Manjaran shares, paid with 206.79 million Berjaya Property shares at 28 sen and RM100,000 cash; not yet completed
• After both: Berjaya Property 49%; Dedap Rimbun Sdn Bhd, the company of Mutiara Perlis founder Datuk Shabaruddin Ibrahim, 51%
• Citaglobal: gets 3.39% of Berjaya Property and a one-off gain of about RM13.39 million, and stays on as an engineering and construction contractor
• Conditions: the June subscription must complete first, and Bursa Malaysia must approve the new shares. Completion is expected by the end of 2026

Who owns the port company

• Manjaran owns 80% of Mutiara Infra Sdn Bhd, which owns 80% of Mutiara Perlis Sdn Bhd, the master developer. The Perlis state government holds the other 20% through Menteri Besar Inc Perlis
• Berjaya Property's effective share of Mutiara Perlis will be about 31%

A rising price

• December 2025: Citaglobal completed its purchase of the same 20% from Dedap Rimbun for RM40 million in Citaglobal shares, valuing Manjaran at RM200 million
• June 2026: Berjaya Property's RM58 million for 29% used the same RM200 million value
• October 2026: RM50 million for 20% values Manjaran at RM250 million, 25% higher
• Against profits: Berjaya Property projects an average yearly profit after tax of RM16 million from the inland port's phase 1 over 20 years, from the year to September 2027. The October price is 24.4 times that figure, against 19 times in June
• Manjaran today: a RM5.40 million net loss on RM3.56 million revenue in the nine months to June 2026; RM353.57 million of borrowings against RM265,000 of equity at 30 June

What is running and what is planned

• Perlis Inland Port: a 500-acre site in Chuping Valley near the Thai border. It began operating in December 2025 and has run fully since April 2026, handling 100,000 twenty-foot containers (TEUs) in four and a half months. It is designed for 600,000 TEUs a year, rising to 2 million. It replaces the nearly full Padang Besar cargo terminal (150,000 TEUs), has its own rail spur, and became a free trade zone on 30 May
• Sanglang Port: about RM1.2 billion in total (RM1 billion, according to Mutiara Perlis), including an initial RM675 million of building work by Berjaya Construction Bhd under a design-and-build arrangement. Plans include a 4km trestle with water up to 11.9m deep, two multi-user terminals, a roll-on/roll-off terminal for Langkawi traffic and a general cargo terminal. Phase 1 is targeted for the second quarter of 2029 and still needs approvals
• Perlis Power Hub: up to 5,000MW, still being planned

The Penang link

• Transport Minister Anthony Loke said the inland port connects to Penang Port and Port Klang, and should become an export route for factories in southern Thailand
• With Penang Port and Indonesia's Belawan terminal, it forms a 388km trade corridor, Economy Minister Akmal Nasrullah Mohd Nasir said in August
• Mutiara Perlis is studying warehouses at the inland port for packing and breaking down bulk cargo

What is not known yet

• The value of Berjaya Construction's share of the Sanglang works
• Timelines for phases 2 and 3 of the inland port