KUALA LUMPUR (July 16): Berjaya Property Bhd (KL:BPROP) is investing RM58 million in Perlis Maritime Corridor (PMC) developer Manjaran Sdn Bhd to enter the port, logistics and energy sectors, betting the project will generate an average RM16 million in annual profit after tax over the next 20 years.

In a Bursa Malaysia filing on Thursday, Berjaya Property explained the basis for arriving at the RM58 million subscription consideration.

The subscription price was mutually agreed by both parties and based on a price-to-earnings (P/E) ratio of 19 times. The valuation assumes that the PMC projects, led by Manjaran, will generate an average profit after tax of RM16 million annually over a 20-year forecast period.

Manjaran’s 80%-owned subsidiary, Mutiara Perlis Sdn Bhd, is developing the PMC under an 80:20 joint venture with the Perlis state government.

For the six months ended March 31, 2026, Manjaran reported a net loss of RM4.57 million on revenue of RM1.24 million.

The PMC is an integrated logistics hub comprising the Perlis Inland Port, Perlis Sanglang Port and Perlis Power Hub.

Berjaya Property said the valuation is also supported by Manjaran’s Phase 1 cash flow projections, which assume revenue will grow by about 2% annually. The project is also expected to benefit from a 10-year income tax exemption under the Northern Corridor Economic Region (NCER) incentive scheme.

Phase 1 of the Perlis Inland Port is expected to incur a gross development cost of RM450.05 million and financing costs of RM41.35 million.

Phase 2 and Phase 3 of the inland port remain in the planning stage and will be implemented progressively, although no timeline has been disclosed.

Meanwhile, the Perlis Sanglang Port, which includes a planned four kilometre maritime trestle jetty, is expected to generate recurring income through docking fees, cargo handling charges, specialised oil and gas logistics services, and long-term warehousing rentals.

The Perlis power hub is expected to generate and supply up to 5,000MW of electricity to meet the power needs of northern Malaysia and southern Thailand, while supporting the energy requirements of the Perlis Sanglang Port and Perlis Inland Port.

On June 29, 2026, Berjaya Property entered into a conditional share subscription agreement with Manjaran to subscribe to 2.32 million new ordinary shares, marking its entry into the port, logistics and energy sectors.

The RM58 million investment will be satisfied through the issuance of 206.78 million new Berjaya Property shares at 28 sen each, valued at RM57.9 million, with the remaining RM100,000 to be paid in cash from the group’s internal funds.

At Thursday’s market close, Berjaya Property shares were unchanged at 25 sen, giving the company a market capitalisation of RM1.25 billion.

Sourced: (17 July 2026)