SUBANG JAYA, Aug 28 —  IJM Corp Bhd is still awaiting the government’s decision to acquire 15 toll highways nationwide, says chief executive officer and managing director, Datuk Soam Heng Choon.

"Not yet. I thinks the (Works) minister did mention the direction for tolled highways acquisition will only be presented to the Cabinet early next month... So, until then, we will wait for direction from the government,” he told reporters after the company’s 35th Annual General Meeting, here today.

Previous reports indicated the government would offer to acquire tolled highways owned by PLUS Malaysia Bhd (including the NSE) for RM30.8 billion, those owned by Projek Lintasan Kota Holdings Sdn Bhd (Prolintas) for RM3.1 billion, Gamuda Bhd for RM5.6 billion and IJM Corp Bhd for RM2.7 billion,with the acquisitions paid via the issuance of debt papers to the concessionaires.

However, no official offer has been made to the concessionaires for now, as the government assess all the proposals thoroughly, before making an official announcement.

Meanwhile, Soam said the construction and property segment will be the main driver of IJM Corp’s top line.

"We have a healthy outstanding construction order book of RM6.1 billion that comprises a good mix of private and public projects, as well as IJM land property development jobs.

"Apart from providing earnings visibility over the next few years, this wide exposure accords us more resilience, where we are able to participate in different economic cycles,” he added.

On its property division outlook, Soam said the group expects to sustain its performance on the back of unbilled sales of around RM2.0 billion and in the pipeline over the next quarter, are attractive launches of landed and high-rise projects across the country such as The Terraces (Penang), Starling (Bandar Rimbayu, Shah Alam), Riana Dutamas (Segambut, Kuala Lumpur) and Austin Duta (Johor). — Bernama