KWAP ceases to be IJM Corp’s substantial shareholder

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KUALA LUMPUR (Oct 24): Kumpulan Wang Persaraan (Diperbadankan) or better known as KWAP, has ceased to be a substantial shareholder in IJM Corp Bhd, after disposing 963,000 shares on Oct 15 this year.

In an announcement with Bursa Malaysia today, IJM Corp said KWAP has ceased to be the substantial shareholder of the company, without disclosing the transaction prices.

KWAP owned a direct stake of 96.73 million shares or 6.6% equity interest in IJM Corp, according to its annual report 2014.

Additionally, KWAP has also disposed 199,700 shares in IJM Land Bhd for RM643,752 on Oct 23, IJM Corp said in another announcement on Bursa today.

IJM Corp owns 64.15% equity interest in IJM Land, according to IJM Land’s annual report 2014.

IJM Corp said the transaction price of the disposal of IJM Land shares was RM3.22 each. The disposal came after IJM Corp’s announcement of proposed privatisation of IJM Land in June this year.

Both the Employees Provident Fund and GIC Pte Ltd have ceased to be substantial shareholders in IJM Land, following the announcement of the proposed privatisation.

IJM Corp has closed 0.3% higher at RM6.58 today, translating to a market capitalisation of RM9.73 billion, while IJM Land has ended 1.85% higher at RM3.30, giving it a market capitalisation of RM5.08 billion.