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NewsZelan raises RM18.29m from sale of IJM Corp shares
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Zelan raises RM18.29m from sale of IJM Corp shares
by Cals Fri 11 Oct 2013, 01:45
Published: Thursday October 10, 2013 MYT 5:47:00 PM
Updated: Thursday October 10, 2013 MYT 10:10:32 PM
Zelan raises RM18.29m from sale of IJM Corp shares
KUALA LUMPUR: Zelan Corp Bhd has raised RM18.29mil from the sale of 3.185 million shares of IJM Corporation Bhd on Thursday.
Zelan said the shares which represented a 0.22% stake were disposed of via a direct business transaction at an average of RM5.76 a share.
To recap, Zelan shareholders at its Sept 30 EGM approved the proposed disposal of 56.67 million IJM Corp shares.
“The rationale of the disposal is to realise funds from the sales proceeds to pay bank borrowings and the derivative financial liability incidental to the repayment of the bank borrowings,” it said.
Zelan said its original cost of investment in IJM Corp shares was about RM4.14 per share at group level and RM3.50 per share at company level.
As at Sept 30, the book value of the sale shares was about RM5.78 per share at group level.
Updated: Thursday October 10, 2013 MYT 10:10:32 PM
Zelan raises RM18.29m from sale of IJM Corp shares
KUALA LUMPUR: Zelan Corp Bhd has raised RM18.29mil from the sale of 3.185 million shares of IJM Corporation Bhd on Thursday.
Zelan said the shares which represented a 0.22% stake were disposed of via a direct business transaction at an average of RM5.76 a share.
To recap, Zelan shareholders at its Sept 30 EGM approved the proposed disposal of 56.67 million IJM Corp shares.
“The rationale of the disposal is to realise funds from the sales proceeds to pay bank borrowings and the derivative financial liability incidental to the repayment of the bank borrowings,” it said.
Zelan said its original cost of investment in IJM Corp shares was about RM4.14 per share at group level and RM3.50 per share at company level.
As at Sept 30, the book value of the sale shares was about RM5.78 per share at group level.
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