Malaysia's IJM sells port stake to Chinese firm

Reuters

KUALA LUMPUR, Sept 10 (Reuters) - Malaysian builder IJMCorporation Bhd said it is selling a 40 percent stakein Kuantan Port Consortium Sdn Bhd to China's Guangxi Beibu GulfInternational Port Group Ltd for 334.4 millionringgit ($101.53 million).

IJM said in a stock exchange filing late on Monday thatthere would be no impact on earnings at the group level,although the sale would boost reserves.

The move will pave the way for 3 billion ringgit worth ofextension works at the biggest port on the east coast ofPeninsula Malaysia, according to CIMB Research in a note earlieron Monday.

($1 = 3.2935 Malaysian ringgit) (Reporting by Yantoultra Ngui; Editing by Stephen Coates)

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