Seal Incorporated Bhd is relinquishing control of its 31.5-acre reclamation project in Bayan Mutiara, in a strategic move to reduce financial risk and ease funding pressure associated with the project’s long gestation period.

Under a proposed collaboration, Titanium Greenview Sdn Bhd, a wholly owned unit of GSD Land (M) Sdn Bhd, will emerge as the controlling shareholder of Mutiara Waterfronts Habitats Sdn Bhd, the project vehicle. Titanium Greenview will hold an 82.34% stake, while Seal’s subsidiary, Daiman Majumas Sdn Bhd, will see its interest diluted to 17.66% from 80%, according to a filing with Bursa Malaysia on Feb 16.

Titanium Greenview is ultimately controlled by Datuk Seri Khor Chong Hai (70%), Khor Chong Guan (20%) and Khoek Su Kiang (10%).

The collaboration involves Titanium Greenview subscribing to 9.325 million new shares in Mutiara Waterfronts at RM1 each, raising RM9.325 million. Of this, RM9.02 million will be used to fully settle outstanding sums owed by Mutiara Waterfronts to Seal. Seal will correspondingly redeem part of its redeemable preference shares (RPS) and undertake to redeem the remaining RPS without claiming further entitlements.

Separately, Daiman Majumas has agreed to acquire Biopolis Group Sdn Bhd’s 20% stake in Mutiara Waterfronts for RM15 million. Following completion of both transactions, Titanium Greenview will assume funding obligations as the controlling shareholder.

Seal said the move allows it to lower financial exposure and free up resources for higher-growth areas, while retaining upside potential through a minority stake. Upon completion of the reclamation works, Daiman Majumas will be entitled to 3.03 acres of developer land, while Titanium Greenview will receive 14.126 acres.

The Bayan Mutiara reclamation project spans approximately 31.5 acres. Mutiara Waterfronts is entitled to 40% of the net developable land, initially 9.15 acres, which later increased to 17.156 acres following an additional 8.006-acre offer from Penang Development Corporation.

The collaboration is expected to take effect by the second quarter of 2026. Although shareholder approval is not required, Seal will voluntarily seek approval at an extraordinary general meeting.

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