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IJM Properties Sdn Bhd ("IJMP") has on 23 January 2006 entered into a Joint
Venture (Development) Agreement ("JVDA") with Island Bay Resorts Sdn Bhd ("IBR")
to carry out a mixed development comprising residential and/or commercial
units on the land of IBR, measuring approximately 31.45 acres, and the land
of United Overseas Bank (Malaysia) Berhad ("UOB"), measuring approximately
11.31 acres ("UOB Land"), located at Batu Ferringhi, Pulau Pinang
(collectively referred to as "the Land") on a 50:50 joint venture basis. The
estimated gross development value of the Land is RM210 million and the
development period is 84 months.
IJMP and IBR will be the joint developer will carry out the obligations of IBR as the developer of the UOB Land
under the Joint Venture Agreement dated 3 June 2002 between UOB and IRB.
IJMP and IBR are wholly-owned subsidiaries of the Company and Asia Pacific
Land Berhad respectively.
None of the Directors nor substantial shareholders of the Company, or
persons connected with them, has any interest, direct or indirect, in the
transaction. The transaction will not have any significant effect on the
earnings or net assets per share of the Company for the financial year
ending 31 March 2006. |
