IJM agress to buy 50% of Leisure

IJM agress to buy 50% of Leisure
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PETALING JAYA: IJM Corp Bhd unit IJM Properties Sdn Bhd has agreed to buy a 50% stake in Larut Leisure Enterprise (HK) Ltd, which owns a partially completed commercial and residential complex in Changchun, north-east China.

IJM told Bursa Malaysia that IJM Properties would buy 1.52 million shares in Larut Leisure from Larut Overseas Ventures Sdn Bhd. Larut Overseas is a subsidiary of Talam Corp Bhd.

For the deal, IJM Properties will pay HK$1 and assume RM25.63mil of loans from the Talam group to Larut Leisure.

Larut Leisure has a 60% stake in Jilin Dingtai Enterprise Development Co Ltd, which owns the Yin Hai Complex.

IJM said the gross sales value of the 35-storey complex was estimated at 745 million yuan (RM340mil).