IJM Corp shares inch up on 15 sen dividend plan

KUALA LUMPUR: Shares of IJM Corp Bhd inched up in early Thursday trade as investor interest perked up after it proposed an indicative dividend per share of 15 sen, part of the proceeds from the sale of its plantations.

Its share price rose to a high of RM1.89, the highest since mid-June.

At 10.04am, its share price was up two sen to RM1.87, extending its gains from Wednesday.

There were 1.36 million shares done at prices ranging from RM1.86 to RM1.89.

The FBM KLCI was down 1.67 points or 0.11% to 1,513.72. Turnover was 1.23 billion shares valued at RM558.03mil. There were 346 gainers, 286 losers and 351 counters unchanged.

On Wednesday, IJM Corp said it was seeking shareholders’ approval to sell its entire 56.2% stake in IJM Plantations Bhd to Kuala Lumpur Kepong Bhd (KLK) for RM1.53bil.

It would be allocating part of the proceeds for future investment opportunities and capital expenditure.

It will be using 28% or RM430mil of the proceeds to strengthen the group’s earnings.

Additionally, IJM Corp said it will be utilising 52.1% or RM800mil of the proceeds for capital management activities.

It would include (but not be limited to) an indicative special cash dividend to its shareholders amounting to approximately RM542mil, which translates into an indicative dividend per share of 15 sen based on 3.61 billion IJM Corp shares as at June 30, 2021.

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IJM Corp , IJM Plantations , KL Kepong , dividends


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