ZELAN Bhd (ZB) in a filing to Bursa Malaysia today said it had, on December 20 and 21, further disposed a total of 750,000 ordinary shares of RM1.00 each in IJM Corporation Bhd (IJM) in the open market.
The disposal was made at an average price of RM6.40 per share for a total of RM4,802,497.96, it said.
Shareholders of the company at an extraordinary general meeting held earlier in September approved the proposal to dispose 30.0 million shares in IJM.
ZB said funds from the disposal would be used for working capital for the group's operating requirements and to repay bank borrowings.
"The disposal will have a positive financial implication on the earnings per share and gearing but will not have any material financial implication and effect to the net assets per share," it said. - BERNAMA
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