Kuala lumpur: Berjaya Property Bhd (BProperty) seeks to participate in the Perlis Maritime Corridor (PMC) project by subscribing to 29 percent equity interest in Manjaran Sdn Bhd for RM58 million. The diversified group said it has signed a conditional agreement for the proposed subscription of 2.32 million new shares in Manjaran, whose 80 percent-owned subsidiary Mutiara Perlis Sdn Bhd is involved in the ongoing development of PMC.

According to BERNAMA News Agency, PMC is a master development of an integrated logistics hub in Perlis comprising the Perlis Inland Port, Perlis Sanglang Port, and Perlis Power Hub. In a filing with Bursa Malaysia today, BProperty said the subscription consideration will be satisfied with RM57.9 million via an issuance of 206.78 million new ordinary shares in BProperty at 28 sen each and RM100,000 in cash which will be funded via the internal funds of BProperty and its subsidiaries.

The proposed subscription offers the group an opportunity to secure an interest in the PMC project and to venture into the port, logistics, and energy sectors. According to BProperty, PMC is intended to become the primary northern gateway for regional trade by integrating deep-water maritime facilities with extensive rail networks.

The proposed subscription is expected to be completed by the second half of 2026, it added.