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Thursday, May 15, 2008

IJM expects 9MP projects to go on despite review

KUALA LUMPUR: IJM Corp Bhd is confident that the Ninth Malaysia Plan (9MP) projects would proceed amidst a mid-term review of these ventures.

Chief executive officer and managing director Datuk Krishnan Tan said: “I think the general impression is that the Government will continue with the projects that have already been identified.”

He added: “At this point of time, because of the increase in building material costs, projects costs will rise ... so there would be some rationalisation but I generally think they (the projects) will proceed because there is a need for them.”

Tan said this after the signing of a sale and purchase agreement between Quill Capita Management and IJM Properties Sdn Bhd yesterday.

IJM Properties is the property arm of IJM Corp.

Meanwhile, Tan said IJM as a group “did not prefer” to hold on to its properties.

“Our intention is to develop and nurture the properties. If we can sell, we will sell them straightaway,” he said.

On another note, Tan welcomed the Government’s recent move to liberalise the domestic steel industry.

Last week, the Government decided to remove the domestic ceiling price for steel bars and billets and allow importers to be exempted from import licensing and paying import duty.

By The Star

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