IJM to build HSBC office for RM392m

KUALA LUMPUR (Nov 7): IJM Corp Bhd is constructing an office building for HSBC Bank Malaysia Bhd in Kuala Lumpur city centre, at a contract sum of approximately RM392 million.

In a stock exchange filing yesterday, IJM said its subsidiary IJM Construction Sdn Bhd was appointed by HSBC as the contractor for design, construction and completion works of the office building in Jalan Tun Razak.

Under the agreement signed, IJM said the contract sum does not include lifts and façade works, which will be procured directly by HSBC.

The project is expected to be completed in 37.5 months, and be handed over to HSBC by December 2020.

It is worth noting that IJM deputy non-executive chairman Tan Sri Krishnan Tan Boon Seng is the independent chairman at HSBC Bank Malaysia.

IJM closed four sen or 1.26% higher yesterday at RM3.21, bringing a market capitalisation of RM11.65 billion.

This article first appeared in The Edge Financial Daily, on Nov 7, 2017.

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