IJM streamlines The Light Waterfront project

An artist

PETALING JAYA: IJM Corp Bhd has announced a related-party transaction which involves the transfer of The Light Waterfront development in Penang from Jelutong Development Sdn Bhd to Aura Hebat Sdn Bhd (AHSB). Both companies are its subsidiaries.

AHSB will acquire this development from Jelutong Development, an 80%-owned subsidiary of IJM Properties Sdn Bhd, for RM402.8mil, subject to among others, the receipt of documents of title to the property from the relevant Penang authorities.

IJM Corp told Bursa Malaysia that The Light Waterfront Sdn Bhd (TLW), a wholly-owned subsidiary of IJM Land Bhd, had acquired one ordinary share of RM1 representing a 50% equity interest in AHSB.

AHSB is a 50:50 joint-venture company between TLW and Perennial Penang Pte Ltd to acquire 32.76 acreas located within the group’s existing The Light Waterfront development in Penang.

IJM Corp said that the project would be developed into a large-scale integrated waterfront mixed-use development comprising a shopping mall and thematic shops, residential towers, an office tower, two hotels and a convention centre with a total gross floor area of 4.1 million sq ft, excluding carparks.

None of the directors or major shareholders of the company, or persons connected to them, has any interest, direct or indirect, in the transactions.

In a separate announcement, IJM Corp said that the disposal of its 38% equity interest in Kuantan Port Consortium Sdn Bhd to Beibu Gulf Holding (Hong Kong) Co Ltd had been completed.