Malaysia's IJM Sells Port Stake to Chinese Firm

By MarEx 2013-09-10 07:36:00

Malaysian builder IJM Corporation Bhd said it is selling a 40 percent stake in Kuantan Port Consortium Sdn Bhd to China's Guangxi Beibu Gulf International Port Group Ltd for 334.4 million ringgit ($101.53 million).

IJM said in a stock exchange filing late on Monday that there would be no impact on earnings at the group level, although the sale would boost reserves.

The move will pave the way for 3 billion ringgit worth of extension works at the biggest port on the east coast of Peninsula Malaysia, according to CIMB Research in a note earlier on Monday.

$1 = 3.2935 Malaysian ringgit 

Reporting by Yantoultra Ngui; Editing by Stephen Coates (C) Reuters 2013.

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