Latest news with #Citaglobal
New Straits Times
2 days ago
- Business
- New Straits Times
Citaglobal takes control of two hydropower projects in Perak
KUALA LUMPUR: Citaglobal Bhd's subsidiary Citaglobal Renewable Energy Sdn Bhd has acquired majority stakes in two hydropower projects in Perak for RM15 million. Citaglobal said the move diversifies its renewable energy portfolio and demonstrates its commitment to Malaysia's vision for a low-carbon economy through structural energy reforms and the increased use of renewable energy. The deal involves the acquisition of 70 per cent stake in Zeqna Corporation Sdn Bhd (Zeqna) for RM15 million, and 70 per cent in Koridor Mentari Sdn Bhd for RM1, conditional upon the completion of Zeqna acquisition, it said. According to Citaglobal, the two hydropower assets are projected to generate up to RM19 million in recurring annual revenue under long-term renewable energy power purchase agreements with Tenaga Nasional Bhd. The remaining 30 per cent stakes in both Zeqna and Koridor Mentari will continue to be held by Perak Hydro Renewable Energy Corp Sdn Bhd, which has been granted water rights by the Perak state government for mini-hydropower development in the state. "This partnership gives Citaglobal access to strong institutional backing and a pipeline of future hydropower opportunities in a state well-suited for such developments, supported by favourable topography, river hydrology, and established grid infrastructure," it said. President and executive chairman Tan Sri Mohamad Norza Zakaria said the acquisition of the Slim Hydropower Plant, a revenue-generating brownfield asset, alongside the Kampar hydropower plant, a high-potential, fully approved greenfield project, accelerates the expansion of its renewable energy business by several years. Mohamad Norza said Slim hydropower plant will provide the company with an immediate source of recurring revenue, while Kampar hydropower plant, benefitting from its newly approved capacity and tariff, promises to deliver exceptional long-term value. "Together, they provide a well-balanced platform for scaling our clean energy portfolio, which includes solar, waste-to-energy and battery energy storage projects," he added.
The Star
2 days ago
- Business
- The Star
Citaglobal acquires majority stakes in two hydropower projects for RM15mil
Citaglobal executive chairman and president Tan Sri Mohamad Norza Zakaria PETALING JAYA: Citaglobal Bhd is acquiring majority stakes in two hydropower projects in Perak for RM15mil. In a statement, the company said it is acquiring a 70% stake in Zeqna Corporation Sdn Bhd for RM15mil and a 70% equity interest in Koridor Mentari Sdn Bhd for RM1, conditional upon the completion of Zeqna's acquisition. 'This strategic acquisition positions Citaglobal to capture immediate renewable energy revenue from the Slim Hydropower Plant, a proven brownfield hydropower asset in Slim, Perak, while the Kampar Hydropower Plant project — with all state-level approvals secured — is poised to generate robust returns on an accelerated timeline,' said Citaglobal. The Slim Hydropower Plant, owned by Zeqna, is a 6 megawatts (MW) brownfield asset that has been operational since July 2019. The Kampar Hydropower Plant, currently under development by Koridor Mentari, achieved a major milestone with the grant of a new Feed-in Approval (FiA) on July 25, 2025. Under the terms of this FiA, the approved capacity has been increased from 5.25MW to 6 MW. Executive chairman and president Tan Sri (Dr.) Mohamad Norza Zakaria said the acquisition of the Slim Hydropower Plant, a revenue-generating brownfield asset, together with the Kampar Hydropower Plant, a fully approved greenfield project with high potential, accelerates the growth of the company's renewable energy business by several years. 'Slim Hydropower Plant will provide the group with an immediate source of recurring revenue, while Kampar Hydropower Plant, benefiting from its newly approved capacity and tariff, promises to deliver exceptional long-term value. 'Together, they provide a well-balanced platform for scaling our clean energy portfolio, which includes solar, waste-to-energy, and battery energy storage projects,' he said in a statement.
The Star
6 days ago
- Business
- The Star
Pahang Sultan raises stake in Citaglobal
PETALING JAYA: The Sultan of Pahang, Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah, has bought more Citaglobal Bhd shares, just a day after the company proposed to acquire a major stake in the master developer of the Perlis Maritime Corridor for RM40mil. The Ruler acquired a total of 15 million shares in an off-market transaction on Aug 6. On the same day, Citaglobal chairman and president Tan Sri Mohamad Norza Zakaria disposed of 15 million shares for RM12mil. With the share purchase, the Pahang Ruler's equity interest in Citaglobal has risen to 13.25% from 9.47% earlier. Meanwhile, Norza's equity interest now stands at 1.64% directly and 27.67% indirectly.
BusinessToday
7 days ago
- Business
- BusinessToday
Lotte Chemical Shrinks Losses To RM173 Million As Margins Improve
Lotte Chemical Titan narrowed its second-quarter loss to RM173 million, supported by improved margins despite ongoing challenges from high feedstock costs and weak petrochemical prices. In other developments, Advancecon Holdings' unit has filed a RM10.17 million adjudication claim against CCC-ECRL over unpaid works, while Infomina's subsidiary initiated a RM133 million lawsuit against a Philippine bank for outstanding sums. Meanwhile, Citaglobal is set to acquire a 12.8% stake worth RM40 million in a Perlis Maritime Corridor developer, signalling expansion in infrastructure ventures. On the corporate front, XOX Technology appointed Mohd Effendi as its new CEO to drive strategic growth, while Hong Seng Consolidated faces a trademark infringement lawsuit that could impact its branding operations. Read full stories here on MorningBytes: LOTTE Chemical Reports Narrowed Q2 Loss Of RM173 Million Infomina Subsidiary Files RM133 Million Lawsuit Against Philippine Bank Citaglobal To Acquire 12.8% Stake In Perlis Maritime Corridor Developer For RM40 Million XOX Technology Appoints Mohd Effendi As New CEO Hong Seng Consolidated Slapped With Trademark Infringement Lawsuit
The Star
05-08-2025
- Business
- The Star
Citaglobal acquires 12.8% stake in Mutiara Perlis
PETALING JAYA: Citaglobal Bhd has proposed to acquire a 12.8% indirect stake in Mutiara Perlis Sdn Bhd, the master developer of the Perlis Maritime Corridor (PMC), a US$6.5bil (RM27.8bil) logistics infrastructure project. The acquisition involves purchasing a 20% stake in Manjaran Sdn Bhd for RM40mil from Dedap Rimbun Sdn Bhd, satisfied through issuing 42.11 million new Citaglobal shares at 95 sen each. Dedap Rimbun will continue to hold 80% of Manjaran post-completion of the acquisition by Citaglobal. The PMC includes the Perlis Inland Port (PIP), Perlis Sanglang Port and Perlis Power Hub. The PIP, located 4.7km from the Malaysia-Thailand border in Padang Besar, is set to replace the overloaded Padang Besar Container Terminal. It will start operations in September 2025, offering increased container capacity and services such as warehousing for the halal, automotive and rubber industries. The Perlis Power Hub, meanwhile, will supply up to 5GW of electricity to Northern Malaysia and Southern Thailand, while the Sanglang Port will feature a bulk cargo terminal and a supply base for vessels and oil and gas operations. Citaglobal's involvement in the PMC began in August 2022, when its subsidiary, Citaglobal Land Sdn Bhd, was appointed as the engineering, procurement and construction contractor for PIP's Phase 1, valued at RM573.5mil. The federal government, through the Northern Corridor Implementation Authority, has invested nearly RM400mil in external infrastructure for the PIP, which aligns with the 12th Malaysia Plan and Northern Corridor Economic Region development plans. Tan Sri Mohamad Norza Zakaria, executive chairman and president of Citaglobal, said: 'Our involvement and investment in the PMC aligns with our broader vision to emerge as one of Malaysia's leading players in infrastructure development and energy transition.' He noted that the completed Phase 1 of PIP and its upcoming operations could contribute to Citaglobal's revenue, with potential for future valuation gains as PMC assets mature. Datuk Shabaruddin Ibrahim, group executive chairman of Mutiara Perlis, said: 'We welcome Citaglobal into the Perlis Maritime Corridor family, and are excited to work together. 'We have a shared vision of developing the local economy of Perlis, improving social wellbeing while also strengthening Malaysia's regional logistical reach in Asia.' Mutiara Perlis is a joint venture, with Mutiara Infra holding an 80% stake and the Perlis State Government, via Menteri Besar Incorporated, holding 20%. Citaglobal, a public-listed company, operates in clean energy, civil engineering, telecommunications and manufacturing, with additional ventures in waste-to-energy and clean energy collaborations globally.
