KUALA LUMPUR (Oct 13): HIS TIZA Pahang Sdn Bhd, a company linked to the Pahang crown prince, has entered into a share sale agreement with state government-owned Amanah Saham Pahang Bhd (ASPA) to acquire a 30% stake in Mentiga Corp Bhd (KL:MENTIGA) for RM21 million cash.

In a bourse filing on Tuesday, HIS TIZA said the agreement to acquire 21 million ordinary Mentiga shares at RM1 apiece was executed on Oct 12 and will be completed in 30 market days.

The transaction price is a 72.41% premium over Mentiga's market price of 58 sen, though it sits at a discount to its unaudited net assets of RM3.17 per share as of June 30.

HIS TIZA is a 50:50 joint venture between TIZA Global Sdn Bhd, the investment vehicle of Citaglobal Bhd (KL:CITAGLB) executive chairman and former BAM president Tan Sri Mohamad Norza Zakaria, and HIS Holdings Sdn Bhd, which is owned by Pahang Crown Prince Tengku Hassanal Ibrahim Alam Shah.

HIS TIZA said the acquisition will make it Mentiga's second-largest shareholder, while ASPA will remain the controlling shareholder with a 43.91% stake. 

HIS TIZA said it had agreed with ASPA to hold on to the Mentiga shares for five years.

"We are investing in Mentiga at a premium because we see significant long-term potential," Norza said in the statement.

HIS TIZA said its focus will be to improve Mentiga's operational efficiency and boost fresh fruit bunch (FFB) yields from around 14 tonnes per hectare toward the industry benchmark of 18 tonnes.

Norza added: "Mentiga has strong foundations: a substantial Pahang landbank, an established plantation business, and a turnaround already underway. Together, we believe Mentiga can become a strong, sustainable platform that pursues new opportunities and delivers meaningful returns."

HIS TIZA intends to explore consolidating the Pahang government's plantation assets under Mentiga, subject to regulatory and corporate approvals.

Main Market-listed Mentiga reported net losses from 2021 to 2024, but returned to profitability in 2025.

For the first half ended June 30, 2026 (1HFY2026), Mentiga reported an unaudited net profit of RM1.32 million on revenue of RM18.71 million. 

The performance was driven by a 14% year-on-year increase in FFB production to 16,254 metric tonnes across its 24,800 acres of leasehold plantation land in Pahang.

Mentiga shares ended 1.5 sen lower or 2.52% at 58 sen on Tuesday, giving the group a market capitalisation of RM40.6 million.