Tuesday, 13 March 2012

IJM buying 20% of West Coast Expressway for RM6.75m

KUALA LUMPUR (March 13): IJM CORPORATION BHD []’s unit is buying a 20% stake in West Coast Expressway Sdn Bhd for RM6.75 million cash to ensure a share in the proposed west coast expressway project.

IJM said on Tuesday, its unit Road Builder (M) Holdings Bhd had signed a sale and purchase agreement to acquire the stake, comprising of 5.809 million shares, from Prominent Xtreme Sdn Bhd.

To recap, on Jan 26, WCE had received an approval letter from the Public Private Partnership Unit of the Prime Minister’s Department for WCE to undertake the proposed privatisation of the CONSTRUCTION [] of the expressway.

The expressway will be constructed on a build-operate-transfer with a concession period of 60 years.

WCE is an 80% subsidiary of KUMPULAN EUROPLUS BHD [], in which IJM has a 22.72% stake.

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