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Thursday, November 22, 2007

No change in IJM property arm’s strategies

PETALING JAYA: IJM Corp Bhd says there will be no change in strategies for the property development division after subsidiary RB Land Holdings Bhd acquires 100% of IJM Properties Sdn Bhd for RM1.222bil.

Announced in late July, the acquisition is part of IJM Corp's plan to streamline its property development business.

IJM Properties would be renamed IJM Land Bhd upon completion of the exercise.

For the financial year ended March 31, property development contributed 24% or RM77.1mil to IJM Corp's pre-tax profit of RM318.9mil on revenue of RM463.8mil.

The group would continue to monitor the property market to see how it performed, IJM Corp chief executive officer and managing director Datuk Krishnan Tan said after the group EGM yesterday.

“We've good ongoing projects and with the streamlining of the property business, we have considerable landbank in Penang, Klang Valley and Johor,” he said, adding that gross development value stood at betwen RM2bil and RM3bil.

According to Tan, the group's construction arm would continue to bid for jobs in India and the United Arab Emirates, where it has a presence, as well as in the development regions that had been launched locally.

“We've been quiet because we've been focusing on the current jobs but in the next few months there would be more news from us,” Tan said. He declined to comment on the construction arm's order book.

By The Star

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