IJM Properties has established a 50:50 joint-venture company, Astaka Tegas Bhd, to acquire and develop a parcel of leasehold land measuring 1,750 acres at Kuala Langat, Selangor, for RM587mil from Canal City Construction Sdn Bhd.
Another shareholders’ agreement was signed between IJM Construction Sdn Bhd and KEB Builders Sdn Bhd to establish a 50:50 joint-venture company, Ambang Usaha Sdn Bhd, to build the Shah Alam-Shah Alam 2 Expressway, and a network of flood mitigation canals, roads and bridges on the 5,439 acres of leasehold land in Kuala Langat under the Canal City project.
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