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KUALA LUMPUR, June 11 -- IJM Corporation Bhd’s (IJM) proposal to divest its entire stake in IJM Plantations Bhd would result in a gain on disposal of RM700 million.
In a statement, the group's chief executive officer and managing director Liew Hau Seng said the disposal would allow IJM to realise its value in IJM Plantations that has been underappreciated by the market, partly due to the illiquidity of the stock.
“The proposed disposal will also enable the group to streamline its businesses to focus on construction, property development, infrastructure concessions and the manufacturing of building materials, all of which derive synergistic benefits with one another, thereby reducing the conglomerate discount currently ascribed to IJM’s market valuation,” said Liew.
The net proceeds from the proposed disposal would strengthen IJM’s balance sheet and see its net gearing decrease from 44.0 per cent to 21.6 per cent.
Notably, the value realised from the proposed disposal of RM1.53 billion equates to 21 per cent of IJM’s market capitalisation of RM7.14 billion.
The group earlier announced that its entire stake in IJM Plantations, which represents 56.2 per cent, is divested to Kuala Lumpur Kepong Bhd.
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