20-04-2005: IJM completes placement of ICP shares

IJM Corporation Bhd has completed the placement of 12.20 million shares of Industrial Concrete Products Bhd (ICP) to address the shortfall in the latter’s public shareholding spread requirement.

According to filings to Bursa Malaysia, IJM placed out 4.50 million shares on April 19 and 1.50 million shares on April 5 at RM2.80 apiece for a total of RM16.80 million. On March 29, IJM had placed out 6.20 million shares also at RM2.80 a share for a total of RM17.36 million.

After the series of placements, IJM’s shareholding in ICP was reduced to 67.36% or 98.68 million shares.

ICP had on March 3 announced to the stock exchange that it was given until Aug 12 to address the shortfall in its public spread, which was then 16.69%, a shortfall of 8.31% from the required 25%.

Meanwhile, filings showed that HSBC (Malaysia) Trustee Bhd acquired 6.07 million ICP shares on March 29 as trustees for unit trust. It also acquired another 1.29 million shares on April 5, raising its holding in ICP to 10.14% or 14.86 million shares.

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