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IJM Properties Sdn Bhd (“IJMP”) has on 5 March
2007 entered into a Joint Venture: Shareholders’ Agreement with Mutual
Prosperous Sdn Bhd (“MPSB”) and Cekap Tropikal Sdn Bhd (“CTSB”) for IJMP and
MPSB to use CTSB as the 50:50 joint venture company to takeover the
development of 204 acres of land located in Mukim of Batu, Daerah Gombak,
Selangor known as “Sierra Selayang”.
The proposed share capital of CTSB will be
RM520,000 comprising 500,000 ordinary share of RM1 each, 10,000 Class A
redeemable preference shares (“RPS”) of RM1 each and 10,000 Class B RPS of
RM1 each.
IJMP will subscribe 50% of the ordinary shares
of RM1 each at par, and 100% of Class A RPS at a premium of RM999 per RPS,
which will entitle IJMP to have priority in the distribution of dividend by
CTSB at an agreed formula. The Class B RPS will be subscribed entirely by
MPSB at a premium of RM999 per RPS.
IJMP is a wholly-owned subsidiary of the
Company. MPSB is a subsidiary of Talam Corporation Berhad.
None of the Directors nor
major shareholders of 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 2007. |
