Latest news with #JRL
Yahoo
25-04-2025
- Business
- Yahoo
IJM completes acquisition of 50% equity stake in JRL Group
Malaysian company IJM has completed the acquisition of a 50% equity stake in UK-based JRL Group Holdings for £50m ($66.4m, RM283m). This investment signifies the start of a long-term partnership aimed at enhancing capabilities and pursuing growth opportunities within the UK construction market. This acquisition was initially reported in November 2024. Headquartered in Borehamwood, Hertfordshire, JRL is a construction solutions provider established in 1996. With 14 specialist divisions, JRL offers a full range of contracting, design, manufacturing, and plant services. The company has a portfolio across residential, commercial, and institutional sectors, boasting an order book worth £1.45bn (approximately RM8.49bn), which provides earnings visibility for the upcoming three years. According to the company, the acquisition is set to bolster IJM's core construction capabilities, complementing its existing RM6bn order book. JRL's in-house delivery model, which includes divisions such as Midgard, J Reddington; McMullen Facades; Ark M&E and London Tower Crane Hire, is claimed to be particularly synergistic with IJM's strategy to expand in the UK market. This move is also stated to strengthen JRL's capital base, enhancing liquidity and supporting the execution of its order book and future projects. IJM's broader strategy involves diversifying revenue streams and expanding its international presence, with the UK being a focal point for the group's investments in property, construction, and urban regeneration. JRL's expertise, especially in complex urban and infrastructure-linked sites, is stated to be aligned with IJM's interest in transit-oriented developments. The acquisition combines IJM's development experience with JRL's contracting proficiency, optimising the value chain and solidifying the group's position in a mature market, states the company in its press release. Since 2021, JRL has diversified into property development, with approximately 2,400 build-to-rent and co-living units across seven sites, estimated to have a gross development value of £780m (approximately RM4.58bn). JRL's main contracting division, Midgard, has a history of collaboration with IJM, having constructed IJM Land's first UK development, Royal Mint Gardens Phase 1. IJM Group CEO and managing director Dato' Lee Chun Fai said: 'The completion of this acquisition marks a significant advancement in IJM's UK growth strategy. JRL's strong project delivery credentials, specialised technical expertise and solid order book enhance our construction capabilities. This enables us to effectively pursue complex, transit-oriented and infrastructure-led developments, aligning with IJM's long-term plans in the UK market.' JRL Group managing director John Reddington added: 'Finalising this partnership marks a major milestone for JRL, built on mutual trust developed over years of collaboration. IJM's global experience and strategic ambition align with our focus on complex, large-scale delivery. Together, we are well-positioned to unlock new opportunities and drive the next phase of growth in the UK.' "IJM completes acquisition of 50% equity stake in JRL Group" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Malaysian Reserve
24-04-2025
- Business
- Malaysian Reserve
IJM acquires 50% stake in JRL Group for RM283m to drive UK expansion
IJM Corporation Bhd has acquired a 50% stake in financially troubled UK construction firm JRL Group Holdings Ltd for £50 million (approximately RM283 million), marking a bold expansion into the UK's competitive and inflation-hit building sector. The deal, completed via the subscription of new ordinary shares, gives IJM access to JRL's £1.45 billion (RM8.49 billion) order book and a vertically integrated operation comprising 14 specialist divisions. While JRL has faced industry-wide headwinds including rising construction costs and labour shortages, IJM sees the partnership as a long-term strategic move to deepen its footprint in the UK and diversify its earnings base. 'The completion of this acquisition marks a significant advancement in IJM's UK growth strategy,' said IJM Group CEO and MD Datuk Lee Chun Fai. 'JRL's strong project delivery credentials, specialised technical expertise and solid order book enhance our construction capabilities… aligning with IJM's long-term plans in the UK market.' Founded in 1996, JRL has delivered complex urban projects across the UK and is currently working on Phase 2 of Royal Mint Gardens — known as 88 Royal Mint Street — a mixed-use scheme that includes a 463-room Wilde Aparthotel and 79 residential units. JRL was also the contractor for Phase 1 of the development, completed in 2020. Though not explicitly framed as a rescue, JRL's need for recapitalisation has been clear. IJM's investment will strengthen JRL's balance sheet and help it deliver on a growing pipeline. JRL MD John Reddington called the partnership a major milestone, saying, 'Finalising this partnership marks a major milestone for JRL, built on mutual trust developed over years of collaboration… Together, we are well-positioned to unlock new opportunities and drive the next phase of growth in the UK.' The acquisition dovetails with IJM Land's property development ambitions in the UK, including its Innova joint venture with Network Rail Property, targeting rail-adjacent sites across London with a projected gross development value of RM17 billion. The collaboration is expected to benefit directly from JRL's ability to deliver complex infrastructure works, including over live rail corridors. JRL has also expanded into development, with some 2,400 build-to-rent and co-living units in the pipeline, and a gross development value of RM4.58 billion. Combined with IJM's other UK assets such as 25 Finsbury Circus and The Wheat Quarter in Hertfordshire, the move marks a clear step in building a full-spectrum presence across construction, development and recurring-income properties in a mature market. While the acquisition carries short-term risks tied to JRL's financial health, IJM is betting on synergy, technical alignment, and the long-term value of being embedded in a strategically important market. — TMR
New Straits Times
24-04-2025
- Business
- New Straits Times
IJM buys 50pct stake in UK's JRL Group for more than RM280mil
KUALA LUMPUR: IJM Corp Bhd has acquired a 50 per cent stake in JRL Group Holdings Ltd for £50 million, or about RM283 million, via the subscription of new ordinary shares in the UK-based contractor. JRL is an integrated construction solutions provider with 14 specialist divisions offering end-to-end contracting, design, manufacturing and plant services. It holds a £1.45 billion order book, providing earnings visibility for the next three years. IJM said the acquisition enhances its core construction capabilities and complements its existing RM6 billion order book. IJM group chief executive officer and managing director (MD) Datuk Lee Chun Fai said the acquisition marks a significant milestone in the company's growth strategy in the UK. "JRL's strong project delivery credentials, specialised technical expertise and solid order book enhance our construction capabilities. "This enables us to effectively pursue complex, transit-oriented and infrastructure-led developments, aligning with IJM's long-term plans in the UK market," he added. IJM said the investment complements IJM Land's flagship Innova joint venture with Network Rail Property, targeting multiple railway-adjacent sites across four London boroughs. "Finalising this partnership marks a major milestone for JRL, built on mutual trust developed over years of collaboration," said JRL Group MD John Reddington. "IJM's global experience and strategic ambition align with our focus on complex, largescale delivery. Together, we are well-positioned to unlock new opportunities and drive the next phase of growth in the UK," he added.
The Star
24-04-2025
- Business
- The Star
IJM acquires 50% stake in JRL Group to boost UK presence
PETALING JAYA: IJM Corp Bhd has completed its acquisition of a 50% equity stake in JRL Group Holdings Ltd for £50mil (RM283mil), via the subscription of new ordinary shares in the UK-based contractor. IJM said the acquisition enhances its core construction capabilities and complements its existing RM6bil order book. 'JRL's in-house delivery model — spanning key divisions such as Midgard (main contracting), J Reddington (concrete), McMullen Facades, Ark M&E and London Tower Crane Hire — aligns with IJM's ambitions to scale up in the UK construction market. 'It also strengthens JRL's capital base, providing liquidity and supporting the execution of its growing order book and future pipeline.' IJM said the investment supports its broader strategy to diversify revenue streams and expand its international footprint. 'The UK remains a key focus for the group, with active investments across property, construction and urban regeneration. 'JRL's track record and capabilities — particularly in complex, inner-city and infrastructure-linked sites — align with IJM's focus on high-value, transit-oriented developments.' IJM added that this strategic move integrates its development experience with JRL's contractor expertise, optimising the value chain and reinforcing the group's foothold in a mature market. 'Headquartered in Borehamwood, Hertfordshire, JRL now marks the beginning of a long-term partnership between two complementary businesses — positioning IJM and JRL to jointly scale capabilities and pursue growth opportunities in the UK,' IJM said. IJM group chief executive officer and managing director Datuk Lee Chun Fai said the completion of this acquisition marks a significant advancement in IJM's UK growth strategy. 'JRL's strong project delivery credentials, specialised technical expertise and solid order book enhance our construction capabilities. 'This enables us to effectively pursue complex, transit-oriented and infrastructure-led developments, aligning with IJM's long-term plans in the UK market.' Meanwhile, JRL Group managing director John Reddington said the finalisation of the partnership marks a major milestone for JRL, which is built on mutual trust developed over years of collaboration. 'IJM's global experience and strategic ambition align with our focus on complex, large-scale delivery. Together, we are well-positioned to unlock new opportunities and drive the next phase of growth in the UK.'
Yahoo
06-03-2025
- Business
- Yahoo
Singapore to expand rail network with new MRT lines; China says it's 'ready for war' over US tariffs: Singapore live news
Hello to all our readers, Yahoo Singapore will be bringing you live news updates today. The editorial team will be curating the latest must-know local and international news. First up, Singapore is expanding its rail network with the West Coast Extension, Seletar Line, and Tengah Line to improve public transport connectivity, according the Land Transport Authority (LTA). These new MRT lines, part of Land Transport Master Plan, will significantly reduce travel times, benefiting over 400,000 households. The West Coast Extension connects the Jurong Region Line with the Circle Line and Cross Island Line, saving commuters up to 20 minutes. Feasibility studies for the Seletar Line and Tengah Line are underway, aiming to enhance access to northern, western, and southern regions. The government is also investing S$1 billion to improve rail reliability and maintain high standards of service. Amid escalating trade tensions, China warns the US it is "ready for war" as President Trump imposes new tariffs. In retaliation, Beijing raises defence spending by 7.2 per cent and targets US imports with its own tariffs. With military modernisation goals for 2035, China vows to safeguard its sovereignty against external pressures. The growing trade war is straining global relations, while Beijing's firm stance on the fentanyl crisis and tariffs has sparked further international concern. As both nations escalate their economic and military efforts, the global impact of their power struggle looms large. Read more in our live blog below, including the latest local and international news and updates. DBS CEO Piyush Gupta's pay jumps 14.3% to $17.6 million in 2024 after strong earnings In a major move to boost public transport connectivity, Singapore's Land Transport Authority (LTA) has unveiled ambitious plans to expand its rail network. The West Coast Extension, Seletar Line, and Tengah Line are the centrepiece of these initiatives, set to improve commuter access across the island and significantly reduce travel times for hundreds of thousands of residents. The highly anticipated West Coast Extension (WCE) will link the Jurong Region Line (JRL) with the Circle Line (CCL) and Cross Island Line (CRL), providing commuters in the western region with quicker access to the city centre. This extension, expected to be completed in phases, promises to save commuters up to 20 minutes on their journeys. The first phase will connect the JRL from Pandan Reservoir Station to West Coast Station by the late 2030s, while the second phase will extend the line further to Kent Ridge station in the early 2040s. Alongside the WCE, LTA is conducting feasibility studies on two other new rail lines – the Seletar Line and Tengah Line. The Seletar Line, covering regions such as Woodlands, Sembawang, and the Greater Southern Waterfront, aims to serve over 400,000 households. Similarly, the Tengah Line will enhance access to the western and northwestern areas, including Tengah, Bukit Batok, and Bukit Merah. If deemed feasible, these lines could be connected into one continuous MRT line, expected to roll out in phases from the 2040s. These major projects are part of the Land Transport Master Plan, which aims to ensure 80 per cent of Singaporean households are within a 10-minute walk from a train station by 2030. This expansion will significantly increase the convenience of rail travel, making Singapore's public transport system more efficient and accessible. In addition to expanding the rail network, the government is committing up to $1 billion over the next five years to strengthen rail reliability and resilience. The funds will be used to upgrade asset management systems, enhance maintenance capabilities, and upskill the rail workforce. These investments aim to maintain high standards of safety and reliability, especially as the network grows. 'By expanding our rail network and enhancing its resilience, we're making long-term investments in the future of Singapore's public transport,' said an LTA spokesperson. "This is part of our ongoing commitment to providing reliable and accessible rail services for our residents.' In a combative response to US President Donald Trump's escalating trade tariffs, China has warned the US that it is 'ready for war'. This bold statement comes as China pledges to ramp up defence spending by 7.2 per cent and retaliates with its own tariffs on US imports. Tensions between the two superpowers have flared after the US imposed a 20 per cent tariff on Chinese goods in retaliation for China's handling of the fentanyl crisis, with China vowing to fight back "to the bitter end." China has announced plans to boost its defence budget to a massive 1.78 trillion yuan (US$191.5 billion), reinforcing its commitment to military modernisation by 2035. The increase in defence spending aligns with Chinese President Xi Jinping's vision of building a modern military. With this, Beijing aims to safeguard its sovereignty and interests against external pressures, including Trump's trade policies. The tariffs from China will target US agricultural imports, further escalating the trade war that has strained global relations. China's Foreign Ministry has strongly rejected Trump's claims, labelling them 'blackmail' and 'intimidation,' and reaffirming their readiness for any form of confrontation. 'Bullying does not work on us,' China's Ministry stated in a direct post on X, criticising Washington for linking tariffs to the fentanyl issue. The US has imposed higher tariffs, blaming China for the fentanyl crisis, while Beijing counters that its strict anti-drug policies are being overlooked. As tensions rise, the US-China trade war threatens to undermine economic growth worldwide. The WTO has already filed complaints against the US tariffs, citing violations of global trade rules. The dispute has already disrupted global supply chains and led to the imposition of billions of dollars in tariffs on both sides. Though trade relations softened during President Joe Biden's administration, the resurgence of these tariffs reflects ongoing volatility in international relations. China's expansion of military spending and retaliation against US tariffs comes at a critical time, as both nations remain locked in a power struggle. While the US military budget is significantly larger, China continues to modernise its military capabilities, including the development of advanced missile systems, submarines, and nuclear-powered aircraft carriers. Read on China's strong response Trump's tariffs here. DBS Group CEO Piyush Gupta earned S$17.6 million (US$13.22 million) in 2024, a 14.3 per cent increase from the previous year, following strong profits and a record-high share price. Gupta's pay rise reflects the bank's successful turnaround, which was marked by a strong fourth-quarter profit and positive outlook for 2025. This comes after Gupta voluntarily took a pay cut in 2023 in response to digital banking disruptions. The bank also announced a dividend capital return plan, boosting investor confidence. Gupta is also focusing on AI-driven efficiency, with plans to cut 4,000 jobs as automation increases. His leadership and strategic direction continue to position DBS for future growth. Read on DBS CEO Gupta getting a pay bump here. In a major move to boost public transport connectivity, Singapore's Land Transport Authority (LTA) has unveiled ambitious plans to expand its rail network. The West Coast Extension, Seletar Line, and Tengah Line are the centrepiece of these initiatives, set to improve commuter access across the island and significantly reduce travel times for hundreds of thousands of residents. The highly anticipated West Coast Extension (WCE) will link the Jurong Region Line (JRL) with the Circle Line (CCL) and Cross Island Line (CRL), providing commuters in the western region with quicker access to the city centre. This extension, expected to be completed in phases, promises to save commuters up to 20 minutes on their journeys. The first phase will connect the JRL from Pandan Reservoir Station to West Coast Station by the late 2030s, while the second phase will extend the line further to Kent Ridge station in the early 2040s. Alongside the WCE, LTA is conducting feasibility studies on two other new rail lines – the Seletar Line and Tengah Line. The Seletar Line, covering regions such as Woodlands, Sembawang, and the Greater Southern Waterfront, aims to serve over 400,000 households. Similarly, the Tengah Line will enhance access to the western and northwestern areas, including Tengah, Bukit Batok, and Bukit Merah. If deemed feasible, these lines could be connected into one continuous MRT line, expected to roll out in phases from the 2040s. These major projects are part of the Land Transport Master Plan, which aims to ensure 80 per cent of Singaporean households are within a 10-minute walk from a train station by 2030. This expansion will significantly increase the convenience of rail travel, making Singapore's public transport system more efficient and accessible. In addition to expanding the rail network, the government is committing up to $1 billion over the next five years to strengthen rail reliability and resilience. The funds will be used to upgrade asset management systems, enhance maintenance capabilities, and upskill the rail workforce. These investments aim to maintain high standards of safety and reliability, especially as the network grows. 'By expanding our rail network and enhancing its resilience, we're making long-term investments in the future of Singapore's public transport,' said an LTA spokesperson. "This is part of our ongoing commitment to providing reliable and accessible rail services for our residents.' In a combative response to US President Donald Trump's escalating trade tariffs, China has warned the US that it is 'ready for war'. This bold statement comes as China pledges to ramp up defence spending by 7.2 per cent and retaliates with its own tariffs on US imports. Tensions between the two superpowers have flared after the US imposed a 20 per cent tariff on Chinese goods in retaliation for China's handling of the fentanyl crisis, with China vowing to fight back "to the bitter end." China has announced plans to boost its defence budget to a massive 1.78 trillion yuan (US$191.5 billion), reinforcing its commitment to military modernisation by 2035. The increase in defence spending aligns with Chinese President Xi Jinping's vision of building a modern military. With this, Beijing aims to safeguard its sovereignty and interests against external pressures, including Trump's trade policies. The tariffs from China will target US agricultural imports, further escalating the trade war that has strained global relations. China's Foreign Ministry has strongly rejected Trump's claims, labelling them 'blackmail' and 'intimidation,' and reaffirming their readiness for any form of confrontation. 'Bullying does not work on us,' China's Ministry stated in a direct post on X, criticising Washington for linking tariffs to the fentanyl issue. The US has imposed higher tariffs, blaming China for the fentanyl crisis, while Beijing counters that its strict anti-drug policies are being overlooked. As tensions rise, the US-China trade war threatens to undermine economic growth worldwide. The WTO has already filed complaints against the US tariffs, citing violations of global trade rules. The dispute has already disrupted global supply chains and led to the imposition of billions of dollars in tariffs on both sides. Though trade relations softened during President Joe Biden's administration, the resurgence of these tariffs reflects ongoing volatility in international relations. China's expansion of military spending and retaliation against US tariffs comes at a critical time, as both nations remain locked in a power struggle. While the US military budget is significantly larger, China continues to modernise its military capabilities, including the development of advanced missile systems, submarines, and nuclear-powered aircraft carriers. Read on China's strong response Trump's tariffs here. DBS Group CEO Piyush Gupta earned S$17.6 million (US$13.22 million) in 2024, a 14.3 per cent increase from the previous year, following strong profits and a record-high share price. Gupta's pay rise reflects the bank's successful turnaround, which was marked by a strong fourth-quarter profit and positive outlook for 2025. This comes after Gupta voluntarily took a pay cut in 2023 in response to digital banking disruptions. The bank also announced a dividend capital return plan, boosting investor confidence. Gupta is also focusing on AI-driven efficiency, with plans to cut 4,000 jobs as automation increases. His leadership and strategic direction continue to position DBS for future growth. Read on DBS CEO Gupta getting a pay bump here.
