Citaglobal, linked to Yang di-Pertuan Agong Al-Sultan Abdullah ,awarded IPP for ECRL Project contract by PM and Minister For Finance, Anwar Ibrahim

 by Ganesh Sahathevan

            Not fake news Story below based on Bursamalaysia announcements and NST reports

Citaglobal Berhad (formerly known as WZ Satu Berhad)  has informed Bursamalaysia that "Citaglobal consortium wins award to become IPP for ECRL Project"

In its announcement Citaglobal says: 

Citaglobal Bhd (formerly known as WZ Satu Bhd) via a consortium with Reneuco Bhd (formerly known as KPower Bhd) have been jointly awarded a Letter of Intent to become the independent power producer (IPP) for the East Coast Rail Link (ECRL) project (ECRL IPP Project). The 50:50 joint venture consortium comprises Citaglobal and Reneuco. This award follows a request for proposal from Malaysia Rail Link Sdn Bhd (MRL) for the development of an independent and renewable power producer project for the ECRL project. The consortium received and accepted a Letter of Intent from MRL on 21 Dec 2022 to be granted as IPP for the ECRL IPP Project, following the request of proposal exercise.

........ MRL is an entity of the Ministry of Finance of Malaysia to administer the implementation of the East Coast Rail Link (ECRL). It is the owner of ECRL project – an electrified railway project by the Government of Malaysia linking the East Coast states (Kelantan, Terengganu, Pahang) to the Greater Klang Valley region. MRL is developing the ECRL project and will operate it in a 50:50 joint venture with China Communications Construction Company. The Ministry of Transport, through Agensi Pengangkutan Awam Darat (APAD), will supervise and regulate the project.

Citaglobal's main shareholders include  the Yang di-Pertuan Agong Al-Sultan Abdullah.

The Agong appointed Anwar Ibrahim his Prime Minister, and Minister For Finance in late November, just two months after a series of sharemarket manoeuvres that appear to have been designed to eject  the previous managers, believed to be his cousins, from Citaglobal.

The Minister of Finance Incorporated's sole shareholder is the Minister for Finance, Anwar Ibrahim.

TO BE READ WITH

King buys more shares in Citaglobal, raising his shareholding to 12.4pct

By NST Business - September 19, 2022 @ 9:22pm

KUALA LUMPUR: Citaglobal Bhd discloses that Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah has increased his stake in the company to 12.4 per cent from 9.0 per cent.

Citaglobal, in an announcement on changes in substantial shareholders to Bursa Malaysia today, said the king had bought an additional 32.1 million shares.

This raised Al-Sultan Abdullah's direct shareholding in Citaglobal to 132.12 million shares.

Citaglobal, previously known as WZ Satu Bhd, saw its share price settle unchanged at 20 sen today, bringing a market capitalisation of RM212.46 million.

Citaglobal is a diversified group with multiple revenue streams.

The company is involved in civil engineering and construction (CEC), oil and gas (O&G) and manufacturing.

Citaglobal is repositioning itself as a conglomerate involved in the construction, telecommunications, energy and technology sectors.

To recap, Citaglobal, previously WZ Satu Bhd, acquired Citaglobal Engineering Services Sdn Bhd (CES) on 17 November 2021 from Citaglobal Sdn Bhd for RM140 million.

The acquisition came with an aggregate net profit guarantee of RM60 million for three full financial years ending in 2022, 2023 and 2024.

CES is a Bumiputra private limited company engaged in engineering consultancy and construction-related services.

On 9 March 2022, WZ Satu proposed changing its name to Citaglobal Bhd for a better representation of the nature of its business moving forward.

The company intends to transform into a conglomerate involved in facilities management, telecommunications, energy, infrastructure, and technology sectors.

On 13 March, WZ Satu obtained Bursa Malaysia's approval for the change in the name to Citaglobal Bhd.

Citaglobal has an existing orderbook of RM539 million as of 31 March 2022. Coupled with CES's orderbook of RM193 million, Citaglobal will thus have a total orderbook of RM732 million.

Tengku Uzir, Tengku Zubir resigns from Citaglobal

By Asila Jalil - September 21, 2022 @ 11:37am

KUALA LUMPUR: Tengku Datuk Sri Uzir Tengku Ubaidillah and Tengku Datuk Indera Zubir Tengku Ubaidillah have resigned from the board of Citaglobal Bhd effective yesterday.

The company noted that both individuals had resigned to pursue their personal interests.

Before the resignation, Tengku Uzir was the executive vice chairman of Citaglobal, while Tengku Zubir was the company's executive director.

Tengku Uzir was first appointed as the executive chairman and chief executive officer (CEO) of Citaglobal on October 24, 2013.

He was then redesignated as executive chairman on November 1, 2017, when his brother Tengku Zubir became group chief executive officer.

On May 14, 2020, he was redesignated as executive vice chairman when Tan Sri Mohamad Norza Zakaria became the company's new executive chairman and president on the same date.

Meanwhile, Tengku Zubir was appointed as the CEO on November 1, 2017.

He resigned on August 18, 2020, from the position and was redesignated as the executive director on the event date.

​​On September 15, Tengku Uzir disposed of 32.1 million shares, leaving him with a direct stake of 4.26 million shares, or 0.4 per cent.

He continued to have a 30 million, or 2.8 per cent stake in the Citaglobal irredeemable convertible preference shares.

Tengku Zubir also disposed of 700,00 shares on September 20, leaving him with a direct stake of 2.07 million shares, or a 0.2 per cent stake.

The 32.1 million shares disposed of by Tengku Uzir were acquired by the Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah.

The King has recently raised his stake to 12.44 per cent, or 132.12 million shares, from the previous nine per cent.