PETALING JAYA: Berjaya Property Bhd said the RM58 million consideration for its proposed investment in Manjaran Sdn Bhd was based on projections that the Perlis Inland Port project would generate an average profit after tax of RM16 million annually over a 20-year period.
In an additional information filing with Bursa Malaysia today, the property developer said the valuation was based on the long-term prospects and financial viability of the project, as well as a price-to-earnings multiple of about 19 times.
Berjaya Property announced on June 29 that it plans to subscribe for 2.32 million new shares in Manjaran, representing a 29% stake in the company.
The proposed investment will give the group exposure to the wider Perlis Maritime Corridor initiative, which includes the Perlis Inland Port, the proposed Perlis Sanglang Port and the planned Perlis Power Hub.
The company said revenue from the inland port is expected to increase as container throughput rises towards full operating capacity before stabilising at a long-term growth rate of about 2% a year.
It added that the Perlis Power Hub is envisioned to generate and supply up to 5,000MW of electricity to support Northern Malaysia and Southern Thailand while serving as an integrated energy ecosystem for the port developments.
