Reminiscense of Pre-Acquisition Years
The founders of Jurutama and Mudajaya were professionals serving as senior government officials. Despite holding secure positions, their determination to search for that legendary 'pot of gold at the end of the rainbow' led them to break new grounds at a time when hardly any qualified engineer dared venture out as contractor.
With them at the helm, they steered Jurutama and Mudajaya through the high risk contracting business. With their perseverance and diligence to give their best, they brought new changes and professionalism to the entire Malaysian construction industry. And, by the end of the '70s, Jurutama and Mudajaya have emerged as two of the largest companies in Malaysia.
Tough times set in at the turn of the decade when the influx of large and well-capitalised foreign contractors, who had with them surplus capacity and concessionary government loans, severely affected the competitiveness of local construction companies. Local contractors were slowly being relegated to being subcontractors or minority joint venture partners.
Jurutama and Mudajaya were not spared. Their founders saw the obvious. Local companies have got to either merge, go public or come under the umbrella of larger public companies if they are to survive the challenges posed by these foreign contractors.
A meeting of former Technical College mates brought the answer. IGB Corporation Bhd, a public listed property company which then owned a small building construction subsidiary, saw the synergies that a combination of IGB Construction, Jurutama and Mudajaya could bring to the Group. In 1982, in a friendly takeover, IGB Corporation Bhd acquired all the shares in Jurutama and Mudajaya.
Following this acquisition, Solidstate Sdn Bhd was incorporated (1983) and, in 1984, the name was changed to IJM Engineering and Construction Sdn Bhd. IGB then transferred all its equity interests in Jurutama and Mudajaya together with that of IGB Construction in exchange for shares in this newly incorporated company. IJM had thus become IGB's holding company for its construction interests.
In 1986, IJM turned public. An application made for its shares to be listed on the Bursa Malaysia Securities Berhad was subsequently obtained in September 1986.
To better reflect the Group's diversified nature of activities, the present logo and a new name, IJM Corporation Berhad, was adopted in 1989.