The Company has on 30 April 2007 converted RM11,100,000 Redeemable Convertible Unsecured Loan Stocks 2003/2008 (“RCULS”) of IJM Plantations Berhad (“IJMP”) into 22,200,000 ordinary shares of RM0.50 each representing 1.992% equity interest in IJMP.  With the conversion, IJMP is a 50.805% subsidiary of the Company. 

None of the Directors nor substantial shareholders of the Company, or persons connected with them, has any interest, direct or indirect, in the conversion, and no approval of shareholders nor the relevant authorities is required. The conversion will not have any significant effect on the earnings or net assets per share of the Company for the financial year ending 31 March 2008.