The Yang di-Pertuan Agong (YDPA), Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah, has increased his stake in Citaglobal Bhd (formerly WZ Satu Bhd) to roughly 12.4% from his current stake of 9%, said sources.
On Sept 15, there was an off market transaction of 32.1 million Citaglobal shares at 19 sen.
The buyer is believed to be His Majesty; while the seller is said to be the YDPA's cousin, Tengku Uzir bin Tengku Ubaidillah.
Uzir was the former executive chairman and CEO of Citaglobal prior to Tan Sri Dato’ Sri (Dr.) Mohamad Norza Zakaria taking over.
Norza, more known as Badminton Association Malaysia’s president, was appointed to the board of Citaglobal in 2019 with the task of restructuring the loss making company.
Norza was subsequently redesignated as the Executive Chairman and President of Citaglobal by Sep 2021.
So, why did His Majesty increase his stake in the company?
Well, the much awaited asset injection of Citaglobal Engineering Services Sdn Bhd finally received Bursa’s approval on Sept 14 - a day before the off market transaction took place.
Citaglobal Engineering is Norza’s private company, which he is now injecting into the listed entity.
The approval of this asset injection spells a few things very clearly.
Firstly, Norza has substantially increase his stake in Citaglobal from 16.51% to over 55% via his various vehicles.
This asset injection also comes with a profit guarantee of RM60mil over three full financial years beginning from 2022 to 2024.
This would indicate an end to Citaglobal’s days as a loss making company.
To note, Citaglobal already returned to the black with a net profit of RM3.7mil in FY21, the first time it achieved full profitability since 2018.
Now that Norza is fully invested into Citaglobal, he will be putting his best resources forward to turning the company into a serious player in the facilities management, telecommunications, energy, infrastructure and technology sectors.
Meanwhile on Aug 30, Citaglobal won a contract for the design, construction and equipping of Phase 1 of the Perlis Inland Port with a contract sum of RM373.543mil.
The Perlis project could be a teaser of more to come.
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