Zelan plans to sell 4% stake, or 56.67 million shares, in IJM for cash

KUALA LUMPUR: Zelan Bhd has proposed to sell out its 4.05% stake, or 56.67 million shares in IJM Corp Bhd for cash to buyers to be identified and at prices to be determined later.

“As at the date of this announcement, the buyers of the IJM shares have yet to be identified and could be Malaysian and/or foreign entities. In any case, the company will ensure that the IJM shares will not be offered or sold to any of the directors and/or major shareholders of Zelan, and/or persons connected with them,” Zelan said in a filing with Bursa Malaysia yesterday.