KUALA LUMPUR (Aug 20): IJM Corp Bhd (KL:IJM) has raised RM385.1 million from the resale of 142.4 million treasury shares via Bursa Malaysia's automated trading system at between RM2.72 and RM2.74 per share.

The block represents about 3.9% of the group's total issued share capital of 3.65 billion shares, generating proceeds equivalent to roughly 10.6 sen per share.

The Edge learnt that Tan Sri Azman Hashim, founder and former chairman of AMMB Holdings Bhd (KL:AMBANK), acquired 100 million shares in the transaction. Based on the maximum transacted price of RM2.74 per share, his block could be worth up to RM274 million. 

Following the acquisition, Azman’s stake in IJM is estimated to reach about 2.7%.

The remaining 42.4 million treasury shares are understood to have been taken up by institutional investors.

IJM clarified that the treasury shares were resold through open-market transactions on Bursa Malaysia, in accordance with the Main Market Listing Requirements.

The RM385.1 million cash injection comes as IJM pursues a broader asset monetisation programme, following shareholders' rejection of Sunway Bhd's (KL:SUNWAY) RM11 billion takeover bid earlier this year amid concerns that the offer undervalued the conglomerate.

IJM has since announced plans to unlock value through the listing of its flagship construction business, with management saying in July that it was targeting an initial public offering (IPO) by end-2027 as part of its three-year asset monetisation programme.

The Edge previously reported, citing sources, that IJM had appointed RHB Investment Bank Bhd and AmInvestment Bank Bhd to advise on the proposed listing of IJM Construction Sdn Bhd, for which the group is seeking a valuation of about RM5 billion.

Besides construction, IJM's toll concessions could be next in the conglomerate's portfolio to be considered for value-unlocking exercises. The group has also said it was planning to monetise land assets and rationalise its India portfolio.

As at March 31, 2026, IJM had RM2.02 billion in deposits, cash and bank balances, against a total debt of RM6.6 billion, comprising RM2.83 billion in short-term borrowings and RM3.77 billion in long-term borrowings.

The treasury-share proceeds is expected to lift its cash holdings to about RM2.4 billion, which would narrow net debt to RM4.2 billion from RM4.58 billion.

IJM’s largest shareholder is the Employees Provident Fund with a 20.8% stake, followed by Retirement Fund Inc with a 10.5% stake.

IJM is scheduled to hold its annual general meeting (AGM) next Thursday (Aug 27). Its chairman Tan Sri Krishnan Tan previously announced he would step down from the post after deciding not to seek re-election at the AGM.

Shares of IJM closed 11 sen or 4.1% higher at RM2.80 on Thursday, giving the group a market capitalisation of RM10.21 billion.