Malaysian IJM Corp Bhd to list Indian unit

Singapore, Aug 17: Malaysian conglomerate IJM Corp Bhd will list its wholly-owned unit IJM (India) Infrastructure Ltd in the next fiscal, according to Kuala Lumpur-based media reports published today.

''The business in India is growing and becoming substantial. When it has become a decent size and achieved sustainable earnings, we will consider putting it on the market,'' IJM Chief Executive Officer and Managing Director Krishnan Tan told reporters after the company's shareholders' meetings held yesterday.

The Indian projects currently comprise half the value of IJM's construction order book of RM3 billion, while Malaysian projects make up to 40 per cent and projects in the West Asia region account for the remaining 10 per cent.

IJM (India) has so far invested RM (Malaysian Ringgit) 500 million (136.56 million dollars) in Indian operations since 1997.

''We look at infrastructure jobs in India from time to time, especially roads with high volume traffic,'' Mr Tan said.

IJM is also expected to complete the first phase feasibility study and design of the elevated expressway along the Shahrah E-Faisal from Quaidabad Intersection to Jinnah Bridge in Karachi, within a month.

Besides, the company CEO is expecting the Pakistani government to consider awarding the 300 million dollar project to IJM.

IJM was anticipated to turn in a better performance in the current fiscal, given that most of its business segments -- plantations, industries and property development-- were expected to perform ''reasonably well'', Mr Tan said, adding that it would maintain a dividend of 15 per cent.

IJM reported a net profit of RM 54.3 million on a turnover of RM 462 million from RM 35.7 million and a turnover of RM 380 million for the first half of last year.

UNI