In a Bursa filing on Friday, IJM said its unit IJM Properties Sdn Bhd has signed a sale and purchase agreement with Coupang Sdn Bhd, the asset-holding company of Econsave Cash & Carry Sdn Bhd, for the disposal of the single-storey hypermarket located on a 2.35-acre site (9,518.4 sq m).
The group said the disposal allows it to unlock asset value and optimise capital allocation in line with its strategic objectives. From the proceeds, RM46 million will be used for working capital, while the remainder will cover transaction-related expenses.
IJM expects to record a gain of about RM34 million from the disposal, compared with the property’s audited net book value of RM12.02 million as at end-March 2025.
The transaction is classified as a related-party deal, as IJM independent non-executive director Tan Ting Min is deemed interested due to her spouse Lai Sia Ling being a major shareholder of Coupang. She has abstained and will continue to abstain from board deliberations and voting on the matter, IJM said.
The property is currently leased to supermarket chain Bataras Sdn Bhd, which was acquired by Econsave in May 2025. Econsave is owned by the Lai family, with Lai Sia Ling and his siblings each holding equal stakes.
The group expects the disposal to be completed by the third quarter.
IJM shares closed nine sen higher at RM2.26, valuing the company at RM8.26 billion.
