IJM raises RM385 mil from resale of treasury shares; banking tycoon Azman Hashim said to take 100 mil shares
IJM Corp has raised RM385.1 million through the resale of treasury shares, with banking tycoon Azman Hashim acquiring a significant portion. This move is part of IJM's broader asset monetization strategy, which includes plans for an IPO of its construction business by 2027.
Why it matters
The transaction reflects IJM's efforts to unlock shareholder value following a rejected takeover bid and signals strategic shifts in its corporate portfolio.
BURSA SGX Home Highlight Make The Edge Malaysia your preferred source on Google KUALA LUMPUR (Aug 20): IJM Corp Bhd (KL: IJM ) has raised RM385.1 million from the resale of 142.4 million treasury shares via Bursa Malaysia's automated trading system at between RM2.72 and RM2.74 per share.
The block represents about 3.9% of the group's total issued share capital of 3.65 billion shares, generating proceeds equivalent to roughly 10.6 sen per share.
The Edge learnt that Tan Sri Azman Hashim, founder and former chairman of AMMB Holdings Bhd (KL: AMBANK ), acquired 100 million shares in the transaction. Based on the maximum transacted price of RM2.74 per share, his block could be worth up to RM274 million.
Following the acquisition, Azman’s stake in IJM is estimated to reach about 2.7%.
The remaining 42.4 million treasury shares are understood to have been taken up by institutional investors.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in