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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