Zelan sells 409,500 IJM shares for RM2m

KUALA LUMPUR: Zelan Bhd has announced its disposal of 409,500 shares in IJM Corporation Bhd in the open market for RM2.07 million, or RM5.07 per share, on July 29, representing 0.03% of the latter’s total issued and paid-up capital.

The group said on Friday, July 30 that it had disposed of the shares to provide working capital for its operating requirements and pare down bank borrowings.

The sales resulted in a gain of about RM370,000 at the group level and RM630,000 at the company level.

Zelan said the total consideration was arrived on a willing buyer-willing seller basis.

It clarified that the sale of shares were not part of the 30 million shares in IJM Proposed to be disposed under a shareholder’s mandate today.

It had initially purchased the shares for RM4.14 apiece at the group level and RM3.50 each at the company level.

As of June 30, the book value of the sale shares was about RM4.92 each at the group level, it said.
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