KUALA LUMPUR, July 11 — IJM Corporation Bhd’s wholly-owned subsidiary, IJM Land Bhd, has entered into a conditional share sale agreement with Aseania Development Sdn Bhd (ADSB) to acquire the entire issued shares of Giant Hectares Sdn Bhd (GHSB) for RM250,000.
GHSB on January 27, 2017, acquired four pieces of approximately 14.89 hectares of vacant commercial land in Seberang Perai Tengah, Penang, for RM125.04 million.
The acquisition was subject to the fulfilment of certain conditions such as the approval from the Economic Planning Unit of the Prime Minister\’s Department, said IJM Corporation in a filing to Bursa Malaysia today.
GHSB, upon the acquisition, would undertake a development project on the properties with an estimated gross development value of RM1.2 billion.
It also said the proposed acquisition was not expected to have any significant effect on the earnings or net assets per share of the company for the financial year ending March 31, 2018.