KUALA LUMPUR: IJM Corporation Bhd, which has proposed to take over its 63.5% subsidiary Industrial Concrete Products Bhd (ICP), is on a consolidation drive.
Last Friday, the company completed the merger of property arms — RB Land Bhd and IJM Properties Sdn Bhd — to create IJM Land Bhd which, according to CLSA Research, is one of the biggest property developers in the country.
“The successful takeover of ICP will lead to IJM having a clean structure. Its property and plantation divisions will be standalone listed companies while the holding company will comprise its construction and construction-related companies,” said a merchant banker.
IJM had long wanted to take over ICP but had always faced resistance from a long-time ICP shareholder with more than a 10% stake. The rest of the shares are held by institutional shareholders.
“Previously, this major shareholder had been resisting a privatisation of ICP. But this shareholder is likely to agree to the takeover,” said the banker.
Related news brief:
10th September 2008: INDUSTRIAL CONCRETE PRODUCTS (ICP) reported Sep 5, 2008 that the Company had received a Takeover Offer from IJM CORPORATION to acquire the remaining 134.3m shares of 50 sen par (36.56% of PUC) for 26 sen cash and the Issue of 0.60 shares of RM1.00 par in IJM. The Company does not intend to seek an alternative party for the takeover.
7th June 2008: NEW DELHI: IJM Corp Bhd, through its special purpose vehicle Vijayawada Tollway Pvt Ltd, has embarked on a major highway project worth nearly RM500mil in the Indian state of Andhra Pradesh.
Viyawada Tollway and the National Highway Authorities of India (NHAI) yesterday signed a concession agreement to build a six-lane 82.5km stretch along the ChilkaluripetVijayawada Section of the NH5 in Andhra Pradesh.The concession is for 15 years, including construction period of 2½ years, and work is expected to begin in December.
“We are confident of completing the project within the timeframe. IJM has successfully completed almost 1,000km of road project in India,” IJM country director (India) Ng Chin Meng told Bernama.The project, under NHAI phase five, was awarded on a design-build-finance-operate basis, the first of its kind to be awarded by NHAI. -The Star
Here’s the list of the Top 30 Shareholders in IJM:
| SHAREHOLDER | SHARES HELD | % | |
| 1 | ZELAN BHD | 82,334,362 | 9.67 |
| 2 | EMPLOYEES PROVIDENT FUND BOARD | 75,611,040 | 8.88 |
| 3 | HSBC NOM SB EXEMPT AN-JPMORGAN CHASE BANK NATIONAL ASS. | 66,784,983 | 7.84 |
| 4 | HSBC NOM SB EXEMPT AN-J.P.MORGAN BANK LUX. S.A. | 44,265,250 | 5.20 |
| 5 | CARTABAN NOM SB SSBT FUND HG22-SMALLCAP WORLD FUND INC. | 20,840,000 | 2.45 |
| 6 | SKIM AMANAH SAHAM BUMIPUTERA PERMODALAN NASIONAL BHD | 19,998,444 | 2.35 |
| 7 | HSBC NOM SB EXEMPT AN-THE HONGKONG&SHANGHAI BANKING CORP.LTD | 18,235,600 | 2.14 |
| 8 | HSBC NOM SB EXEMPT AN-JPMORGAN CHASE BANK NATIONAL ASS. | 17,251,047 | 2.03 |
| 9 | HSBC NOM SB TNTC - SAUDI ARABIAN MONETARY AGENCY | 16,000,000 | 1.88 |
| 10 | HSBC NOM SB BBH&CO BOSTON - GMO EMERGING MRKS FUND | 15,407,340 | 1.81 |
| 11 | HSBC NOM SB BNY BRUSSELS - JF ASEAN FUND | 9,787,000 | 1.15 |
| 12 | PERMODALAN NASIONAL BHD | 9,636,700 | 1.13 |
| 13 | CARTABAN NOM SB GOV.OF SPORE INV.CORP PTE LTD-GOV.OF SPORE | 8,815,871 | 1.03 |
| 14 | SBB NOM SB EMPLOYEES PROVIDENT FUND BOARD | 8,663,350 | 1.02 |
| 15 | HSBC NOM SB TNTC-FIDELITY INTERNATIONAL DISCOVERY FUND | 8,525,300 | 1.00 |
| 16 | CITIGROUP NOM SB EXEMPT AN-AMERICAN INTERNATIONAL ASS.CO. | 8,092,650 | 0.95 |
| 17 | HSBC NOM SB EXEMPT AN - DEUTSCHE WERTPAPISERVICE BANK AG | 7,928,500 | 0.93 |
| 18 | AMANAH SAHAM WAWASAN 2020 PERMODALAN NASIONAL BHD | 7,534,900 | 0.88 |
| 19 | HSBC NOM SB BBH SCA - FIDELITY FUNDS ASEAN | 7,338,900 | 0.86 |
| 20 | CARTABAN NOM SB INV. BANK&TRUST CO.-ISHARES INC. | 7,338,000 | 0.86 |
| 21 | HSBC NOM SB EXEMPT AN-JPMORGAN CHASE BANK NATIONAL ASS. | 6,967,550 | 0.82 |
| 22 | MINISTER OF FINANCE | 6,095,250 | 0.72 |
| 23 | HSBC NOM SB EXEMPT AN - J.P.MORGAN BANK PUBLIC LTD CO. | 6,042,750 | 0.71 |
| 24 | CITIGROUP NOM SB CBNY - DFA EMERGING MRKS FUND | 5,964,800 | 0.70 |
| 25 | HSBC NOM SB BBH SCA - FIDELITY FUNDS MSIA | 5,772,950 | 0.68 |
| 26 | VALUECAP SB | 5,544,500 | 0.65 |
| 27 | CITIGROUP NOM SB CMS DRESDNER ASSET MGMT SB - EPF | 5,014,000 | 0.59 |
| 28 | HSBC NOM SB MORGAN STANLEY & CO. INTERNATIONAL PLC | 4,955,550 | 0.58 |
| 29 | CITIGROUP NOM SB EXEMPT AN - MELLON BANK | 4,308,419 | 0.51 |
| 30 | CARTABAN NOM SB SSBT FUND HG19-GLOBAL SMALL CAPITALISATION | 4,165,000 | 0.49 |
On 9th September, IJM was up 5 sen and closed at RM5.15, with trading volume of 4,409 shares.
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