Malaysia’s Citaglobal to withdraw from bauxite mining business
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Update time : 2022-12-26 21:20:41
Citaglobal Bhd, a construction and engineering company in Malaysia, is going to withdraw from the bauxite mining business by selling its 49% stake in SE Satu to Spring Energy Sdn Bhd for RM4.8 million.
After the equity sale, Citaglobal would focus on industries such as civil engineering and construction, oil and gas, power generation, real estate development, manufacturing, and renewable energy.
However, in order to develop its renewable energy project on the East Coast Rail Link (ECRL), the company would retain the ownership of 31.31 hectares of property rights agricultural land under SE Satu in Sungai Karang, Pahang. Therefore, Sinergi Dayang Sdn Bhd, indirectly wholly-owned by Citaglobal, will acquire the land from SE Satu for RM10.08 million.
