IJM to dispose 40% equity in KPC

Road Builder (M) Holdings Bhd (RBH) has entered into a memorandum of understanding with a strategic investor, Guangxi Beibu Gulf International Port Group Co Ltd, to dispose of 48 million shares of RM1 each in Kuantan Port Consortium Sdn Bhd (KPC).

The shares represent a 40 per cent stake in KPC. RBH is a wholly-owned unit of IJM Corp Bhd.

In a filing to Bursa Malaysia Tuesday, IJM Corp said the strategic partnership with Guangxi would bring best practices of port management, and its wide network of clienteles will enhance the capacity utilisation of Kuantan Port.

"In addition, Guangxi will play an active role in attracting foreign direct investments, in particular from China, to the East Coast Corridor, which will contribute positively to the volume of cargoes handled by Kuantan Port," it added.