IJM gets shareholders' nod to dispose of IJM Plantations, special dividend in November

IJM chief executive officer/managing director Liew Hau Seng said IJMP had been a valued member of the group and its contributions to the group’s financial performance, particularly during periods of major economic downturns, was recognised.

KUALA LUMPUR: IJM Corp Bhd has secured its shareholders’ approval to dispose of the entire 56.2 per cent stake in IJM Plantations Bhd (IJMP) to Kuala Lumpur Kepong Bhd for a cash consideration of RM1.53 billion.

Part of the proceeds from the disposal would be returned to shareholders as special dividend, targeted to be paid out in November.

In a statement today, the diversified group said the proposed transaction fits with its strategic focus to streamline its construction-property industry-infrastructure-related businesses.