IJM to form JV company with CHEC for mixed development and logistics hub in Kuantan – EdgeProp.my

by | Aug 5, 2022 | Engineer

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KUALA LUMPUR (Aug 3): IJM Corp Bhd marks its first foray into the industrial and logistics market by partnering with China Harbour Engineering Company Ltd (CHEC) to develop a mixed development and logistics hub in Kuantan.
IJM’s indirect subsidiary Asas Panorama Sdn Bhd had recently entered a joint venture (JV) agreement with CHEC — a subsidiary of China Communications Construction Company — for the development of Malaysia-China Kuantan International Logistics Park (MCKILP), according to a joint statement by IJM, CHEC and MCKILP.
Asas Panaroma is 60% owned by IJM Land Bhd (wholly owned by IJM Corp), and 40% held by Guangxi Beibu Gulf International Port Group Co Ltd.
Under the agreement, CHEC will hold an equity interest of 51% in the new JV company, while Asas Panorama will hold the remaining 49% equity interest.
MCKILP will be developed on a proposed 640-acre site in Malaysia-China Kuantan Industrial Park (MCKIP3), comprising of light and medium industrial, logistics and warehousing, residential and commercial components.
“This ambitious new development will turn MCKIP3 into a premier industrial and logistics hub in the East Coast Economic Region (ECER) of Malaysia.
The statement also highlighted that a collaboration agreement for a proposed construction JV company was signed between CHEC and IJM Construction Sdn Bhd, whereby the purpose of the JV company is to undertake construction works for the main infrastructure and facilities in MCKILP.
MCKILP serves as the missing link that would boost the trade distribution network and functions as an intermodal connecting point with Kuantan Port, the national highways, airport and ECRL.
It will be strategically located less than 10km from the ECRL’s Kuantan Port station, and is 1.7km from Kuantan Port and 25km from Kuantan town, according to the statement.
IJM Deputy Chief Executive Officer and Deputy Managing Director Lee Chun Fai believes that the MCKILP’s development is timely and will provide critical infrastructure that will enhance the region’s logistics and supply-chain capabilities.
“Together with MCKIP1 and 2, we envision MCKILP’s complement to the industrial ecosystem, catalysing more investments to the region in future,” said Lee in the statement. He is also the chairman of MCKIP.
“MCKIP, MCKILP and ECRL are expected to contribute positively to IJM-owned Kuantan Port’s bulk cargo and container throughput. Collectively, these ambitious projects represent one of the most significant integrated industrial, transport and logistics hub that the east coast region has seen in recent years,” he added.
Notably, CHEC is a subsidiary of China Communications Construction Company, the main contractor of the ECRL, and is ranked as one of the largest engineering and construction companies in the world.
On Wednesday, IJM’s shares were three sen or 1.71%, higher at RM1.78, translating into a market capitalisation of RM6.49 billion.
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