Laman Granview, one of IJM Land’s developments.
PETALING JAYA: IJM Land Bhd has acquired a 60% equity interest in Asas Panorama Sdn Bhd, a previously dormant company that has entered into 67 conditional agreements to acquire 67 parcels of leasehold land in Pahang for RM296.12mil.
The acquisition is in line with IJM Land’s plans to diversify into primarily industrial property development from mainly residential and commercial projects now.
In a filing with Bursa Malaysia, IJM Land said it had acquired one ordinary share of RM1 each and subscribed to 299,999 ordinary shares of RM1 each, representing 60% in Asas Panorama. Sino Development Ventures Ltd owns the balance 40%.
“The shareholders agreement to regulate the relationship between the company and Sino Development in Asas Panorama would be entered into in due course,” it said.
“It also represents a geographical diversification for the group by extending its presence in Malaysia by venturing into Pahang,” it added.
IJM Land said the acquisition was a synergistic expansion arrangement under the wider appendage of IJM Corp Bhd.
Earlier in September, IJM Corp had sold a 40% stake in Kuantan Port Consortium Sdn Bhd to China’s Guangxi Beibu Gulf International Port Group Co Ltd for RM334.42mil.
The Kuantan Port expansion will involve the construction of a new deepwater terminal. One of the conditions of the partnership was the incorporation of a joint-venture company for the acquisition of the property, to be developed as part of Kuantan Port’s hinterland.
“It is intended that the remaining 40% equity interest in Asas Panorama, currently being held by Sino Development, be acquired by Guangxi in the future,” it said.
The property, sited along the Gebeng bypass, is about 5km from Kuantan Port and 25km from Kuantan town. It is intended to be an extension of the current Gebeng Prime Industrial Estate.
The original cost of the investment in Asas Panorama would be funded via internal funds, IJM Land said.
“The funding to Asas Panorama to acquire the property will be funded through borrowings and internally generated funds,” it added.
The acquisition is subject to the approval of the state authority of Pahang for the transfer of the property from the respective vendors to Asas Panorama. IJM Land expects the acquisition and the land purchase to be completed by the fourth quarter of 2013 and second quarter of 2014, respectively.