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BUSINESS

KLK to acquire 56.2 pct stake in IJM Plantations for RM1.53 bln

09/06/2021 08:48 PM

KUALA LUMPUR, June 9 -- Kuala Lumpur Kepong Bhd (KLK) had proposed to acquire a 56.2 per cent stake or 494.86 million shares in IJM Plantations Bhd (IJMP) from  IJM Corp Bhd for RM1.53 billion or at RM3.10 per share.

“After having deliberated on the merits of the offer, the board is in principle agreeable to finalise the terms and conditions with KLK in order to meet the timing specified in the offer letter for the execution of the sale and purchase agreement on or before 5 pm on June 11, 2021,” said IJM in a filing to Bursa Malaysia today. 

Meanwhile, in its offer letter, KLK said the proposed acquisition would be paid in cash upon the terms and subject to the conditions of the draft share sale and purchase agreement. 

It added that other than the approvals from the board of directors of KLK and IJM, the proposed acquisition was also subjected to, amongst others, the shareholders of both IJM and KLK at an extraordinary general meeting to be convened by the respective companies.

Consents would also be required from any other authorities or parties, where required, as well as the lenders of IJM and IJMP, said KLK. 

“Both KLK and IJM will cooperate and promptly take all necessary steps and use all their respective reasonable endeavours to obtain the approvals and consents for which it is responsible to obtain,” it added.  

Shares of IJM, which were suspended at 2.30 pm on Wednesday, will resume trading from 9 am tomorrow.

-- BERNAMA

 

 


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