KUALA LUMPUR: IJM Land Bhd, via wholly owned IJM Properties Sdn Bhd, is tightening its grip on the RM9 billion Bandar Rimbayu, formerly known as Canal City, after it proposed to buy another 10% stake in project developer Radiant Pillar Sdn Bhd (RPSB) for RM52.5 million cash.
RPSB is a 50:50 joint venture between IJML and KEB Builders Sdn Bhd.
With the proposed acquisition, IJML will increase its current equity interest to 60%, allowing it to consolidate the results of RPSB.
Bandar Rimbayu, in Kota Kemuning in Shah Alam, is expected to be developed within 10 to 12 years, and had its maiden launch in March 2013.
This article first appeared in The Edge Financial Daily, on August 13, 2013.
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