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Zelan sells IJM shares for RM20m to pay debts
by Cals Mon 01 Jul 2013, 22:43
Zelan sells IJM shares for RM20m to pay debts
Business & Markets 2013
Written by theedgemalaysia.com
Monday, 01 July 2013 18:11
KUALA LUMPUR (July 1): ZELAN BHD [] announced that it had on 27 June 2013 disposed of 3,692,000 shares of IJM CORPORATION BHD [] through direct business transaction off market deal at an average disposal price of RM5.56 per share for RM20,464,737.
IJM is principally involved in the CONSTRUCTION [], property development, manufacturing and quarrying, infrastructure concessions and PLANTATION []s.
The 3,692,000 ordinary shares represent 0.265% of the total issued and paid-up capital of IJM.
“The rationale of the disposal is to realise funds from the sale proceeds to pay bank borrowings,” said Zelan in its filing with Bursa Malaysia.
The original cost of investment of the sale shares was approximately RM4.14 per share at group level and RM3.50 per share at company level, it added.
The gain on the disposal at group level was approximately RM5.1 million while at the company level was approximately RM7.6 million.
Business & Markets 2013
Written by theedgemalaysia.com
Monday, 01 July 2013 18:11
KUALA LUMPUR (July 1): ZELAN BHD [] announced that it had on 27 June 2013 disposed of 3,692,000 shares of IJM CORPORATION BHD [] through direct business transaction off market deal at an average disposal price of RM5.56 per share for RM20,464,737.
IJM is principally involved in the CONSTRUCTION [], property development, manufacturing and quarrying, infrastructure concessions and PLANTATION []s.
The 3,692,000 ordinary shares represent 0.265% of the total issued and paid-up capital of IJM.
“The rationale of the disposal is to realise funds from the sale proceeds to pay bank borrowings,” said Zelan in its filing with Bursa Malaysia.
The original cost of investment of the sale shares was approximately RM4.14 per share at group level and RM3.50 per share at company level, it added.
The gain on the disposal at group level was approximately RM5.1 million while at the company level was approximately RM7.6 million.
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