IJM raises RM385 mil from resale of treasury shares; banking tycoon Azman Hashim said to take 100 mil shares

KUALA LUMPUR (Aug 20): IJM Corp Bhd (KL:IJM) has raised RM385.1 million from a resale of 142.4 million treasury shares through Bursa Malaysia's automated trading system at between RM2.72 and RM2.74 per share.

It is learnt that Tan Sri Azman Hashim, the founder and former chairman of AMMB Holdings Bhd (KL:AMBANK), bought 100 million IJM shares. The block of shares could be worth up to RM274 million based on the maximum price of RM2.74 per share.

Following the acquisition, Azman’s stake in IJM is estimated at about 2.7%.

The remaining treasury shares are understood to have been taken up by institutional investors.

IJM’s largest shareholder is the Employees Provident Fund with a 20.8% stake, followed by Retirement Fund Inc with a 10.5% stake.

IJM is scheduled to hold its annual general meeting (AGM) next Thursday (Aug 27). Its chairman Tan Sri Krishnan Tan had previously announced that he would step down from the post after deciding not to seek re-election at the AGM.

Shares of IJM were 11 sen or 4.1% higher at RM2.80 at the time of writing on Thursday, giving the group a market capitalisation of RM10.2 billion.

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