Zelan continues to pare down shares in IJM Corp

KUALA LUMPUR: Zelan Bhd continued to pare down its shareholding in IJM Corp Bhd by selling off 900,000 shares in the latter on the open market for RM4.85 million cash or an average disposal price of RM5.40 apiece.

In a Bursa Malaysia filing on Thursday, Oct 21, the group said the price was arrived at on a willing buyer-willing seller basis.

The shares had originally cost RM4.14 at the group level and RM3.50 at the company level, it said. It had been receiving dividends from IJM.

The book value of the share sales were about RM5.19 at group level as at Sept 30.

Zelan said the proceeds from the disposal would be used as working capital and to repay bank borrowings.

It added that the disposal had resulted in gains of RM1.12 million at the group level and RM1.71 million at the company level.