The matter was decided at WCE’s virtual extraordinary general meeting today.

IJM Properties currently own 60% in RPSB, and it is an indirect wholly-owned unit of IJM Corp Bhd, who also owns 26.65% stake in WCE.

RPSB is the developer of the 1,879-acre Bandar Rimbayu township in Kuala Langat, Selangor, which was launched in 2013.

WCE said the disposal was expected to be completed by the first quarter of this year.

“When completed, the disposal will enable WCE to realise and unlock the value of its investment in RPSB which will give rise to a pro forma gain on disposal of (about) RM245.67 million.

“The bulk of cash proceeds from the disposal of RM494 million will be (used for) the West Coast Expressway project which will enable the group to save on financing costs should similar amount of funds be sourced from other modes of financing or borrowings,” WCE said in a statement.

The company said the completion of the disposal will turn WCE into a “pure-play” expressway operator on the Main Market of Bursa Malaysia.

“Full opening and completion of the West Coast Expressway project is in 2024,” it added.

Construction of the third longest highway in the peninsula began in 2014, with 20 exits from Banting, Selangor to Taiping Selatan, Perak.

Costing RM5.044 billion, the highway has 11 sections, of which four sections were completed as at end-2022, whereas the remaining seven sections had a completion rate of between 55% and 99%, its official website showed.