PETALING JAYA: IJM Corporation Bhd
's indirect wholly-owned subsidiary, IJM Properties Sdn Bhd, has proposed to dispose of a piece of land together with a single-storey building with a mezzanine floor in Sandakan, Sabah, for RM47.5mil.
In a filing with Bursa Malaysia, IJM said the property, located at Utama Place 3, Bandar Utama, Sandakan, is being sold to Coupang Sdn Bhd, the asset-holding company of the Econsave Group.
The property has a land area of about 9,518 sq m and is currently used as a hypermarket.
It has a net book value of RM12.02mil and was valued at RM33.6mil as at March 31, 2025.
“The expected gain from the proposed disposal is approximately RM34mil,” IJM said.
The group said the disposal will allow it to unlock value from the asset and redeploy capital more efficiently, while strengthening its liquidity position, cash flow and capital allocation.
Of the RM47.5mil proceeds, RM46mil will be used for working capital requirements, while RM1.5mil will be allocated for expenses related to the disposal.
The proposed disposal is expected to be completed by the third quarter of the calendar year 2026.
