IJM Corp acquires operator of Sebana Cove Resort

IJM Land general manager Ir Roger Lee Wai Hin (third from left) launching the Sebana Cove Sales Gallery during its Chinese New Year open house in Permas Jaya on Feb 27, 2016.

KUALA LUMPUR: IJM Corp Bhd’s indirect subsidiary Cypress Potential Sdn Bhd (CPSB) has taken over the operator of Sebana Cove Resort, private marina and golf course developed by CPSB in Pengerang, Johor.

In a filing with Bursa Malaysia, IJM Corp said CPSB acquired the entire issued and paid-up share capital of Sebana Golf & Marina Resort Bhd (SGMR), comprising 7 million ordinary shares and 23,741 preference shares, from Sebana Holdings Sdn Bhd for RM1.

CPSB-developed Sebana Cove is a 1,188-acre resort township where residential and commercial components are cohesively planned alongside a resort with a private marina and an 18-hole golf course.

IJM Corp said the marina and golf course would provide synergy and enhance the attractiveness of the development of Sebana Cove Resort.

“The total consideration of the proposed acquisition was arrived at on a willing-buyer-willing-seller basis after taking into consideration the synergy that will be provided by SGMR as the operator of the facilities,” it said.