KUALA LUMPUR (Jan 6): IJM Corp Bhd is buying Sebana Golf & Marina Resort Bhd (SGMR), the operator of the resort, marina and golf course at Sebana Cove Resort in Pengerang, Johor, for RM1.

The purchase was effected after an agreement was inked between IJM Corp's 70%-owned subsidiary Cypress Potential Sdn Bhd and Sebana Holdings Sdn Bhd, IJM Corp said in a filing on Bursa Malaysia today.

Cypress Potential, in which IJM Corp controls via its wholly-owned subsidiary IJM Properties Sdn Bhd, is the developer of Sebana Cove Resort.

Sebana Cove Resort is a 1,188-acre resort township where residential and commercial components are cohesively planned alongside a resort with a private marina and an 18-hole golf course, said IJM Corp.

IJM Corp said the acquisition is expected to provide synergy and enhance the attractiveness of the development of the resort.

The proposed acquisition is not expected to have any impact on IJM Corp's earnings or net assets per share in its current financial year, but is expected to contribute positively to its future earnings, it added.

Shares in IJM Corp closed up 1 sen or 0.3% at RM3.32 per share on the back of 4.18 million shares traded. The group has a market capitalisation of RM11.96 billion. — theedgemarkets.com

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