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KUALA LUMPUR: Shares in IJM Corp Bhd climbed in early trade Friday after obtaining its shareholders’ approval to dispose of the entire 56.2% stake in IJM Plantations Bhd (IJMP) to Kuala Lumpur Kepong Bhd (KLK) for a cash consideration of RM1.53bil.
IJM rose 0.53%, one sen to RM1.89 while IJMP added 0.33%, or one sen to RM3.07. KLK climbed two sen to RM21.32.
IJM said part of the proceeds from the disposal would be returned to shareholders as a special dividend, targeted to be paid out in November.
It said the proposed transaction fits with its strategic focus to streamline its construction-property-industry-infrastructure-related businesses.
The group said RM800mil from the proceeds was earmarked for capital management activities, which includes an indicative special dividend amounting to RM542mil, or 15 sen per share, as well as a share buyback programme.
IJM’s net profit surged to RM65.68mil in the first quarter ended June 30, 2021 (1Q22) from RM2.05mil in 1Q21 due to fewer operational disruptions arising from COVID-19 movement control restrictions.
Revenue surged 48.4% to RM1.30bil during the quarter under review from RM879.8mil previously.