Wednesday, 8 August 2018

(NST) IJM Corp's RM1.2bil mixed development project scrapped

KUALA LUMPUR: IJM Corp Bhd has shelved RM1.2 billion mixed development project in Seberang Perai Tengah following the mutual termination of a conditional share sale agreement (SSA) to acquire Giant Hectares Sdn Bhd.

IJM Corp’s subsidiary IJM Land Bhd and Aseania Development Sdn Bhd have mutually agreed to terminate the conditional SSA to acquire 250,000 stakes in Giant Hectares Sdn Bhd, it said in exchange filing today.

IJM said the termination was due to the non-fulfilment of the condition precedent to the share sale agreement till to-date.

“The termination would not cause any significant impact on the group’s earnings or net assets per share for the financial year ending March 31, 2019.”