IJM Plantations to be delisted as KLK has acquired 90.33 pct of its shares

KUALA LUMPUR, Nov 3  -- Kuala Lumpur Kepong Bhd (KLK) will withdraw the listing status of IJM Plantations Bhd (IJMP) as it has managed to secure more than 90 per cent of shares in IJMP after twice extending the mandatory takeover offer’s closing date.

On its behalf, RHB Investment Bank announced that KLK had received valid acceptances under the offer and had acquired offer shares resulting in it holding 795.39 million shares, representing 90.33 per cent of IJMP’s total issued shares.

The bank said KLK did not intend to maintain IJMP’s listing status on Bursa Malaysia’s Main Market.

This is in line with its offer document dated Sept 20 which said KLK intended to retain the listing status unless it and its associates ended up holding in aggregate 90 per cent or more of IJMP’s issued shares.

In a stock exchange filing today, it said Bursa Securities would suspend the trading of the shares starting from Friday, Nov 26, 2021, being the expiry of five market days from the final closing date -- Thursday, Nov 18, 2021 -- in accordance with Paragraph 16.02(3) of the Listing Requirements.

“Thereafter, KLK will procure IJMP to take the requisite steps to withdraw its listing status from the official list in accordance with Paragraph 16.07 of the Listing Requirements,” RHB Investment Bank said.

In addition, KLK would issue a notice to the dissenting shareholders in the manner specified by the Securities Commission, it said.

The offer will remain open for acceptances until 5 pm on Thursday, Nov 18.

To recap, KLK made a cash offer of RM3.10 for the remaining IJMP shares that it did not hold following the acquisition of shares that gave it 56.2 per cent equity interest in IJMP.

The first closing date was Oct 11. It subsequently extended the date for accepting the offer twice, first to Oct 25 and then to Nov 18.

According to its Oct 25 announcement on the time extension, KLK said it held 89.43 per cent of shares as of 5 pm on Oct 21, just shy of the 90 per cent threshold.

-- BERNAMA