IJM Corp Bhd positive over development in the UK

IJM Corp Bhd positive over development in the UK

KUALA LUMPUR, June 29 — IJM Corp Bhd would continue to monitor the ongoing development of the Brexit outcome as it is a recent event.

In a filing to Bursa Malaysia Wednesday, IJM Corp said the immediate impact of Brexit is the unrealised foreign exchange translation due to movements in the pound sterling.

“Our group’s sole current operation in the United Kingdom is a mixed development project located on Royal Mint Street in central London.

“The phase 1 of the project presently under construction is 90 per cent sold to date while phase 2 is still under the planning stage,” it said.

IJM said the entire project represented less than five per cent of the group’s property division’s outstanding gross development value.

“However, amid the short-term uncertainty, we are positive on the long-term prospects of the project and the United Kingdom,” it added.