Saturday, October 2, 2010

IJM Corp Bhd sells its stake in BVI-registered joint venture

IJM Corp Bhd announced that it has sold its 30 per cent stake in the British Virgin Islands-incorporated company Don Sahong Power Co Ltd (DSPC) to Mega First Corp Bhd for RM4.15 million. DSPC was a 30:70 joint venture company between IJM and Mega First to develop and operate the Don Sahong hydroelectric project in Laos.

According to the statement of IJM Corp Bhd, the company will get RM994,449 from the disposal. It was said that the consideration was arrived at on a willing-buyer-willing-seller basis after taking into account the time spent and cost incurred by it since 2008 in the project.