IJM, one of Malaysia’s largest construction conglomerates, has bailed out of a deal to buy the highways concession business SILK.
SILK Holdings, owner of the subsidiary SILK, Sistem Lingkaran-Lebuhraya Kajang, and IJM agreed to end the US$118 million takeover deal that was announced in June, the Sun newspaper reported.
SILK holds the concession for the 37km Kajang Traffic Dispersal Ring Road, also called the Silk Highway, until 2037. The road opened in 2004.
IJM noted in June, in its filing of intention