IJM Corp Bhd plans to complete the remainder of its road construction projects in India, valued at RM200mil, within the next one and a half years, said group managing director Krishnan Tan said.
We will follow the time frame given to us. Our priority as a construction company is to complete the job as soon as possible, he said, adding that IJM planned to bid for more road projects in India in the near future in view of the huge opportunities there.
IJM, which ventured into India in 1998, has ongoing projects worth RM500mil there.
So far, we have not faced any problems in the country and hope to secure a road project in the country, he said after a press conference on Public Bank Bhd and IJM's clinching of the Malaysian Business Corporate Governance Award 2002 in Kuala Lumpur yesterday.
In all, IJM has an order book worth RM1.4bil, of which the projects in India account for 20%.
Besides India, Tan said IJM was also targeting the Middle East and Sri Lanka for construction-related projects.
At the press conference, IJM and Public Bank agreed that companies that practised good corporate governance would be successful even during the most difficult period.
Leong Kwok Nyem, Public Bank's senior general manager for treasury and corporate operations, described the award as an important recognition of the bank's hardwork in upholding good corporate governance practices.
Our corporate governance focus, particularly in terms of financial transparency, directors' responsibilities, enhancing shareholders' value, risk management, internal control, adherence to regulations and investor relations, is mainly to instil greater confidence among both local and foreign investors, he said.
As a custodian of the public's money, Leong said, the bank believed that clear corporate governance practices could help in the development of a good capital market and mark a step forward to meet future international standards.
We see corporate governance will become part of the culture among corporations both in Malaysia and abroad in the long run, not only in terms of seeking more commercial benefits but also to keep tab on the challenges on the international front, he added.
Meanwhile, Tan said IJM was fortunate that its founders had already laid the basic elements of good corporate governance practices since the early 1970s.
So, when the issue of corporate governance cropped up last year, it was so much easier for IJM to embrace it as it was already part of the culture we have been adopting, he said.
Just look at IJM now, it is basically a company owned by institutional groups such as the Employees Provident Fund and Permodalan Nasional Bhd, he added.
Tan said the group believed that it was able to attract quality investors owing to its best practices in corporate governance over the years.
Although we do not have a proper investor relations unit, IJM's way of reaching to its investors is through producing an informative annual report, good website as well as participating in key events such as the annual KLSE Investors' Week, he added.
Did you find this article insightful?