KUALA LUMPUR (March 19): IJM Corporation Bhd said Urusharta Jamaah Sdn Bhd, a special purpose vehicle established under the Ministry of Finance, has ceased to be its substantial shareholder after disposing of a 0.08% stake in the group. 

The stake sale, comprising 2.5 million shares, took place on March 14, IJM said in a bourse filing on Tuesday.  Based on the closing price of RM2.28 on Tuesday, the stake is valued at RM5.7 million. 

Following the transaction, Urusharta Jamaah’s shareholding in IJM has fallen to 4.93% — below the 5% threshold required for substantial shareholding status. 

IJM had reported a 34.3% rise in net profit to RM100.43 million for its third quarter ended Dec 31, 2023 from RM74.79 million a year earlier, on the back of higher revenue across all business segments. Total revenue for the quarter was up 34% year-on-year at RM1.48 billion from RM1.1 billion.

For the nine-month period, net profit surged 118% to RM294.76 million from RM135.23 million in the corresponding period of the previous financial year, while revenue increased 28.2% to RM4.16 billion from RM3.25 billion.

Shares in IJM closed two sen or 0.86% higher at RM2.35 on Tuesday, valuing the group at RM8.24 billion.