KUALA LUMPUR: IJM Corp Bhd has secured a hotel development project in Al Reem Island in Abu Dhabi worth some AED1 billion (RM840 million) under a joint venture (JV) with LFE Corp Bhd. In a statement to Bursa yesterday, it said the IJM-LFE JV has received a letter of intent dated April 12 from Tamouh Investments LLC for the construction of phase 1, plot 1 Zone E2 Hotel Development project in Abu Dhabi. The JV is made up of IJM’s wholly owned IJM Construction Sdn Bhd (Abu Dhabi branch), with a 70% stake and LFE’s wholly owned LFE Engineering Sdn Bhd with the remaining stake. The latest job will add to IJM’s burgeoning order book of some RM6 billion. Meanwhile, LFE, which provides electrical and mechanical engineering services and maintenance works, returned to the black in its financial year ended Dec 31, 2007 with a net profit of RM8.15 million from a net loss of RM20.77 million a year earlier. In separate a statement, IJM Corp said US-based The Capital Group Companies, Inc has acquired 1.3 million shares in the company between April 8 and 10, bringing its total indirect stake to 8.99% or 77.26 million shares.
By The EDGE Malaysia
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