Pegasus Heights plans RM98m Port Dickson commercial project
Pegasus Heights Bhd plans a RM98 million commercial project in Port Dickson, Negeri Sembilan, comprising 68 double-storey shopoffices and a commercial plot. The development is expected to begin in the second quarter of 2027, subject to approvals, and is part of a diversification strategy backed by a
Pegasus Heights Bhd (PHB) plans to venture into property development with a proposed commercial project in Port Dickson, Negeri Sembilan, carrying an estimated gross development value (GDV) of RM98 million. The project would comprise 68 double-storey shopoffices and a commercial plot, with an expected gross floor area of about 251,440 sq ft. Its estimated gross development cost is RM85 million.
In a circular filed with Bursa Malaysia on Thursday (Nov 12), PHB said development was envisaged to begin in the second quarter of 2027, subject to the necessary development plan approvals, and take approximately 30 months from commencement. The project remains at the planning stage, with the group finalising documents and design requirements. PHB targets submissions to the authorities by the fourth quarter of 2026 and expects approvals within six to eight months of submission.
Its wholly-owned subsidiary, Pegasus Heights Development Sdn Bhd, completed the RM6.35 million acquisition of the project land on Oct 16. The RM5.71 million balance purchase consideration was settled using internally-generated funds. The vacant parcel is held under Geran No. 36181, Lot 4092, Mukim Si Rusa, Port Dickson.
PHB said the proposed diversification would broaden its earnings base and could complement its property management and project management consultancy businesses. Its property management business, comprising the management and leasing of Centerpoint Seremban Mall, accounted for 80.95% of group revenue for the financial year ended Dec 31, 2025. The group recorded a loss after tax of RM3.52 million that year.
PHB is proposing a renounceable rights issue of up to 324.64 million new shares at 15 sen each, which would raise gross proceeds of approximately RM3.20 million under its minimum subscription scenario and RM48.70 million under its maximum scenario. Under the maximum scenario, approximately RM29.75 million would be allocated to property development expenditure. This includes RM5.71 million to replenish internal funds used to settle the land acquisition balance, with the remainder earmarked for professional and regulatory fees, site clearance, earthworks and infrastructure costs.
Also under the maximum scenario, RM9.40 million would support the operation and upkeep of Centerpoint Seremban Mall, including replacing lifts and escalators, while RM9 million would go towards general working capital and RM550,000 towards proposal expenses. Under the minimum scenario, approximately RM2.65 million would be allocated to property development expenditure and RM550,000 to proposal expenses. PHB said any shortfall in development expenditure may be met through internally-generated funds and other potential equity or debt fundraising.
The rights issue would follow a proposed consolidation of every 100 existing PHB shares into one share. Entitled shareholders would be offered three rights shares for every consolidated share held, together with two free detachable warrants for every three rights shares subscribed for. Up to 216.42 million warrants would be issued, with an exercise price of 22 sen each. The entitlement dates for the consolidation and rights issue will be announced later. PHB is also seeking approval for an employees’ share option scheme covering up to 15% of its issued shares, excluding treasury shares, at any point during the scheme’s duration. Shareholders will consider the proposals at an extraordinary general meeting on Nov 27.
